Apple agrees to pay back taxes to Italy—sources say $350 million worth

Apple's shiny logo outside its San Francisco store. (credit: Steve Rhodes)

In an interview on 60 Minutes earlier this month, Apple CEO Tim Cook said the idea that his company dodges taxes is "political crap," with no truth behind it. "Apple pays every tax dollar we owe," Cook said.

Outside the US, Apple has faced more than just tough questions in front of the camera. In Italy, tax authorities began an investigation in 2013 to determine whether Apple was moving its Italian revenue through an Irish subsidiary in order to take advantage of Ireland's low corporate tax rate.

That investigation has now concluded, according to reports in The Guardian and The New York Times. Italian tax authorities say Apple skipped out on paying €880 million, or about $960 million. Tax officials won't say what Apple has agreed to pay, but citing local reports, the Times reports it may be around $350 million.

Read 2 remaining paragraphs | Comments