Apple investigated for tax fraud in Italy – report

Apple investigated for tax fraud in Italy - report
Photo: SpencerEHoltaway/Flickr
US computer giant Apple is under investigation in Italy for allegedly failing to declare over €1.0 billion to the tax man, Italian media reported on Wednesday.

Milan prosecutors have accused the iPhone and iPad maker of hiding €206 in 2010 and €853 million 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 – thereby reducing its taxable income 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.

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