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Friday, 15 November 2013 12:15

Apple investigated for tax fraud

Written by Nick Farrell

Stealing cash from the Italians

Fruity cargo cult Apple could face charges of fiddling its Italian tax bill and hidding more than a billion euros. Milan prosecutors, fresh from actually getting a conviction on Silvio Berlusconi for tax fraud are now going after another big name target.

They seem to think that Jobs’ Mob failed to declare to Italian tax authorities 206 million euros in 2010 and 853 million euros in 2011. A report by Italian magazine L'Espresso said that the Italian subsidiary of Apple booked some of its profit through Irish-based subsidiary Apple Sales International, thus lowering its taxable income in Italy.

Apple insists that it has done no wrong and pays every dollar and euro it owes in taxes. In a statement the company said that the Italian tax authorities already audited Apple Italy in 2007, 2008 and 2009 and confirmed that Apple was in full compliance with the OECD documentation and transparency requirements.

In crisis-hit Italy, tax authorities faced with dwindling revenues have become more aggressive with domestic and multinational companies.

Nick Farrell

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