Italy fines Apple $347m for tax dodging

The technology giant Apple has been fined $347 million by the Italian government on the ground that it had avoided payment of corporate taxes to the tune of $880 million and instead diverted the money to Ireland to take advantage of that country's lower tax rates. Noted Italian daily, `La Republica' has reported that Apple had agreed to pay the fine. The Italian courts had gone into the matter, where the amount diverted was stated to be $880 million. Corporate tax was dodged by Apple between 2008 and 2013. The Italian authorities contend that Apple had thus diverted a total amount of $962 million out of Italy. The court proceedings in the matter had gone on for one-and-a-half years. Apple paying the fine sets a precedent for the company. It uses the same tactics across the world to pay lower taxes than it might have to for the sale of its products.