Published: Sat, May 06, 2017
Business | By Jorge Reeves

Google agrees to pay $335 million in Italy tax dispute

Google agrees to pay $335 million in Italy tax dispute

Alphabet's Google unit (GOOGL) said Thursday that it will pay $334 million, or 306 million euros to settle an issue with Italy's tax authority.

Google said in a statement: 'Google and the Italian Revenue Agency have reached a settlement, resolving a tax inquiry for a period between 2002 and 2015 without litigation. The internal revenue agency said "a process will be started with Google to stipulate preventive accords for the correct taxation in Italy in the future for the activities relevant to our country".

Google said €303 million was attributed to Google Italy and the remainder to Google Ireland.

The company worked out a similar deal with the United Kingdom over a year ago, paying £130 million to British tax authorities.

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Google agrees to pay US$335 million (AU$453 million) back taxes in Europe.

Several multinationals have come under scrutiny in the European Union for the tax minimisation practice of declaring profits in countries with low corporate taxes, like Ireland or Luxembourg, even if they are made elsewhere in the bloc. The biggest controversy on European soil concerns the record amount of $ 14.2 billion, a tax that Ireland has ordered to demand from Apple.

Google did not immediately respond to a request for comment.

In Australia, reports lodged by the Australian arms of the company indicate surges in local income and tax paid as a result of obedience with former treasurer Joe Hockey's Multinational Anti-Avoidance Law.

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It comes just two years after Apple coughed up €318 million for taxes owed to the Italian authorities.

France is next in line for a piece of the tech giant. France's finance minister Michel Sapin said a year ago that he won't negotiate a deal with Google, but will instead pursue legal action.

According to CNN, French tax officials have been chasing Google.

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