'Apple investigated for Italy tax fraud'

November 13th, 2013 in Technology / Business
Customers look at the iPad mini at an Apple store in Rome on November 2, 2012


Customers look at the iPad mini at an Apple store in Rome on November 2, 2012

Apple is under investigation in Italy for allegedly failing to declare over 1.0 billion euros ($1.34 billion) to the tax man, Italian media reported on Wednesday.

Milan prosecutors have accused the iPhone and iPad maker of hiding 206 million euros in 2010 and 853 million euros in 2011, the magazine L'Espresso said on its website.

Apple's Italian subsidiary is accused of booking some of its profits through Apple Sales International (ASI), an Irish-based subsidiary‚ÄĒthereby reducing its in Italy, the weekly reported.

Judicial sources cited by Ansa news agency said investigators have visited the company's Milan offices and two people were being investigated.

© 2013 AFP

"'Apple investigated for Italy tax fraud'." November 13th, 2013. http://phys.org/news/2013-11-apple-italy-tax-fraud.html