Apple Settles a $348M Fine With Italian Authorities For Tax Evasion (reuters.com)

jaromil writes: Apple Italy, a subsidiary of Apple Sales International based in Ireland, has for years managed the company's sales on the Italian Peninsula. As Italian tax authorities noticed the company did not file any income tax declarations between 2008 and 2013, they opened a court case for an estimated debt of €880M. Apple Italy has now settled for a fine of €318M ($348M), while three managers involved in the tax fraud still need to face court. "The settlement comes amid a European Commission investigation into the tax arrangements of numerous multinational companies accused of using cross-border structures to reduce their tax bills, sometimes with the help of secret and potentially illegal 'sweetheart' deals."