Google to pay $334m in back taxes in Italy
The settlement covers taxes on profits from 2002-15, which the Italian government said Google made in the country but transferred to other European countries where corporate taxes are much lower.
Google worked out a similar deal with Britain last year, agreeing to pay $185 million in back taxes. The French government is pursuing its own tax case in its courts.
Apple has faced similar investigations by Eurozone countries, which can set their own tax rates.
Some countries like Ireland and Luxembourg charge little or no corporate taxes in a bid to lure foreign investment, while others charge 30 percent or higher.
Some U.S.-based companies like Google and Apple that make billions in profits across Europe have used those low-tax countries as a base for European operations. ■