Apple’s Italian subsidiary accused of tax fraud

Apple's Italian subsidiary accused of tax fraud

Apple may’ve “forgot” to pay all of its taxes in Italy. According to this Reuters report, Italian authorities are in the midst of investigating whether or not the company’s subsidiary hid $1.34 billion in revenue from tax authorities.

The maker of the iPhone is the latest prominent corporation to become the target of a tax probe in Italy amid a global crackdown on tax cheating by multinationals.

In Italy, where tax authorities have become more aggressive in their dealings with global companies, fashion designers Domenico Dolce and Stefano Gabbana were handed in June a 20-month suspended prison sentence and a heavy fine for hiding hundreds of millions of Euros in unpaid taxes. Both deny any wrongdoing.

It’s fair to add this isn’t the first time Apple is having problems in Italy. Previously it had a drawn-out spat with Italian regulators over its AppleCare Protection plan…

[Via: TUAW]

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