Facebook to pay €100m to end Italian fiscal fraud dispute
Italy has drawn similar agreements from Amazon, Apple and Google in the past
Facebook has agreed to pay more than €100 million (Dh419m) to end a fiscal fraud dispute, Italian tax authorities said.
Italy has already drawn similar agreements from Amazon, Apple and Google, joining EU neighbours seeking a bigger tax take from multinationals previously able to use loopholes allowing the booking of profits in countries with more favourable tax regimes.
The accord aims to “end the disagreement relating to tax enquiries undertaken by the financial police at the behest of the Milan prosecutor for the period 2010-2016,” Italy's tax authority said in a statement.
The authority added that Facebook Italy would be “making a payment of more than €100m".
Online retail giant Amazon agreed a similar deal last December while in May last year Google agreed to pay €306m to end a dispute relating primarily to 2009-2013 profits booked in Ireland.
Ireland has one of the lowest corporate tax rates in the European Union.
Apple had earlier, in December 2015, agreed to make payment of more than €300m on Italian-generated profits dating back to 2008.
Updated: November 23, 2018 12:24 PM