Feeds

Apple faces €1bn tax probe in Italy, claim legal eagle insiders

Well, seeing as everyone else has crawled up Cupertino's arse one way or another

High performance access to file storage

Apple will be investigated in Italy for allegedly owing almost £1bn to the Euro nation's taxman, it was claimed last night.

News agency Reuters quoted a unnamed judicial source who said the "checks on the size of the tax are under way".

Since the news broke last night, the fruity firm's spokeswoman Kristin Huguet has told Sky News that Apple is aware of the Italian tax review but "confident" investigators would find it in compliance with all local laws.

It's claimed Apple is accused of understating its Italian revenue to the tune of about €1bn, which works out to £840m or $1.35bn. According to anonymous legal system insiders, Milanese prosecutors will claim Apple failed to declare €206m in 2010 and €853m in 2011.

"Apple pays every dollar and euro it owes in taxes and we are continuously audited by governments around the world," the iPhone goliath told Reuters.

"The Italian tax authorities already audited Apple Italy in 2007, 2008 and 2009 and confirmed that we were in full compliance with the OECD documentation and transparency requirements. We are confident the current review will reach the same conclusion."

Over in the United States, a congressional report [PDF] claimed Apple has managed to avoid paying $79bn in US taxes between 2009 and 2012, but the biz was cleared of any wrongdoing by the US Securities and Exchange Commission in October. Last year, Apple funneled more than $40bn in sales through its Irish subsidiary, enabling it to ultimately lower its corporate tax bill.

We'll give you more news on the Italian case when we get it. ®

SANS - Survey on application security programs

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.