Google Settles Italian Tax Row For Over $330M

Google agrees to pay Italy €306 million in taxes

Internet giant Google has agreed to pay Italy €306 million in taxes, ending a dispute that has dragged on for over a year, according to reports on Thursday.

Tax officials said the settlement also launches a process to determine Google's proper taxation level in Italy going forward.

Italy ends this tax dispute after a similar settlement with Apple in December 2015, where Apple paid 318 million euros (USD 349 million).

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.

Other European countries have also accused Google of avoiding taxes by booking income earned in higher-taxing markets through its Ireland unit, where taxes are lower.

"We remain committed to Italy and will continue to help grow the online ecosystem, " the tech giant confirmed in a statement. "We need firmer global rules governing digital companies and better dialogue between countries where they operate".

Apple makes $1B commitment toward more US manufacturing jobs
And you look at this and you go, 'This is kind of freaky .' You want people to use this money in the United States to invest more. Cook told Cramer that Apple already told the unidentified firm that it is investing in to further the project.

But Apple and the Irish government are appealing a separate $14 billion tax charge levied by the European Commission, the executive arm of the European Union, which said the company owed more tax on its businesses in Ireland.

U.S. multinationals now hold an estimated $2.6 trillion overseas, most of it from tech companies' global operations, and a reduction in the tax rate could inspire them to return a sizable amount of cash to the United States.

A company spokesman said that of the EUR306 million in back taxes, EUR303 million was attributed to Google Italy, with the rest to Google Ireland.

'This latter point applies the Italian tax code in a way in which the UK's diverted profits tax (unfortunately named the Google Tax) doesn't'.

The Italian probe is just one of a number of judicial problems facing Google in Europe, where it has also faced scrutiny from national tax authorities in France and the United Kingdom.

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