Apple Under Investigation in Milan for Allegedly Hiding $1.34 Billion in Taxes
According to a report by Reuters, Apple is being investigated in Italy for alleged tax fraud. A judicial source with direct knowledge of the matter is claiming that the Cupertino company is allegedly hiding over 1 billion euros ($1.34 billion) from the Italian government. “The Apple investigation is under way,” the source said without giving any further details.
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. “The Apple investigation is under way,” the judicial source said on Wednesday, without giving details.
The Italian subsidiary of Apple was not immediately available for comment.
The publication notes that in Italy, where tax authorities have become more aggressive in their dealings with global companies. For instance, renowned fashion designers Domenico Dolce and Stefano Gabbana were handed a 20-month suspended prison sentence in June and a heavy fine for hiding hundreds of millions of euros in unpaid taxes. Both however deny any wrongdoing.
Last month, the SEC officially closed the file on Apple’s tax evasion policies, stating that the country has decided to close the legal loophole that saved Apple tax on its $44 billion offshore income.