Italian authorities are investigating Apple for allegedly hiding 1 billion euros — about $1.34 billion — from the taxman. Prosecutors in Milan claim that Apple didn’t declare more than $250 million in 2010 and more than $1 billion in 2011. Apple’s Italian subsidiary booked some profits with an Irish subsidiary, thereby lowering its taxable income in Italy, according to Italian sources. U.S. tech companies are coming under increasing scrutiny for their tax practices, which often use Ireland as the preferred locale to file earnings.
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Italy Investigates Apple's Hidden Billion
Posted by: David Vranicar November 14, 2013 09:32 AMItalian authorities are investigating Apple for allegedly hiding 1 billion euros — about $1.34 billion — from the taxman. Prosecutors in Milan claim that Apple didn’t declare more than $250 million in 2010 and more than $1 billion in 2011. Apple’s Italian subsidiary booked some profits with an Irish subsidiary, thereby lowering its taxable income in Italy, according to Italian sources. U.S. tech companies are coming under increasing scrutiny for their tax practices, which often use Ireland as the preferred locale to file earnings.