Report: Apple settles Italy tax evasion case for 318 million euros

Rome (dpa) - Apple has agreed to pay 318 million euros (348 million dollars) to close a litigation case with Italian tax authorities, reports said Wednesday.According to the La Repubblica newspaper, Apple signed the agreement on Tuesday, after the US tech giant accepted "all the findings" raised by Italian tax authorities."The finalization of the agreement creates and important precedent, since Apple has other open cases in European Union countries," the Rome-based paper said.The US firm stood accused of shortchanging the Italian taxman to the tune of 880 million euros between 2008 and 2013, by shifting profits to its subsidiary in Ireland, where corporate taxes are much lower, the newspaper added.Such practices are common among multinationals, and have come under scrutiny at European Union level.Apple‘s Italian branch was not available for comment, while Agenzie delle Entrate, the Italian tax authority, said it could not confirm nor deny the information.La Repubblica said two Apple Italia managers and the head of the company‘s Irish subsidiary remain under criminal investigation in Milan regardless of the settlement, and may still face a trial for tax cheating.