tech giant Apple has been fined $347 million by the Italy government on the grounds that the tech firm had avoided payment of Corporate Taxes upto $880 million between 2008 and 2013.
It is said that instead of paying taxes legally, Apple diverted the money to Ireland to take advantage of lower tax rates of that country. The Italian court revealed that the amount diverted out of Italy to Ireland was $880 million. The court proceedings in this case had gone on for one-and-a-half years and finally it was proved that corporate tax was dodged by the tech giant. A leading Italian daily reported that Apple agreed to pay the fine.
It is further revealed that Apple uses the same tactics in various countries across the world to dodge taxes. It pays way lower taxes than it should have considering the vast sale of its products across the globe.
