Apple has settled with Italian authorities over an unpaid tax dispute after the company was investigated for suspected fraud. Apple will pay €318 million over its alleged failure to declare earnings between 2008 and 2013 in Italy. According to confirmed local reports, Apple should be paying up to €880 million for the aforementioned period, but the tax authorities in Italy have agreed to close the case for just €318 million.
This news comes after CEO Tim Cook branded attacks on Apple's alleged tax avoidance as being "political crap," stating that Apple pays as much tax as is required by law. While this may be true for multinationals who have come under constant fire for not paying enough tax on earnings, it's a rather immoral stance for Apple who strives in being a people-focused company.
The payment made by Apple will not save three local executives who will be subject to continued investigation.
Source: The Guardian