Google Settles Italian Tax Fight For $334 Million

Google agrees to pay Italy €306 million in taxes

Italy's tax agency said talks would begin on signing "preventive agreements" to ensure the company pays the correct tax in the future. Of these, "over 303 million are attributed to Google Italy and less than three million to Google Ireland".

The company has defended the legality of channelling European earnings through its base in Ireland, which has one of the lowest corporate tax rates in the European Union.

Google has been under investigation by Milan prosecutors for the tax years 2009-2013, one of several European probes looking into the tax practices of global companies.

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Google said it remained committed to Italy.

In a statement, Amazon said it pays "all the taxes we are required to pay in every country where we operate".

Italy's IRS has confirmed that Google is ready to pay $ 335 million to cover taxes for 2009 to 2015.

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American lawmakers, meanwhile, are demanding that US-based multinationals repatriate more of their profits and pay taxes on them.

The Commission previous year accused Ireland of helping Apple to artificially lower its tax bill for two decades and ordered the government to claw back a record-breaking €13bn. Last August, the commission ordered Apple Inc.to return $13 billion to Ireland in unpaid taxes.

While changes to the tax system are at an early stage in Washington, some European policy makers worry that such repatriation would allow United States companies to avoid paying their fair share of tax in Europe, an accusation that tech industry officials reject.

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Attention will now turn to an investigation by French tax authorities that could lead to a bill this year of more than $1 billion for Google.

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