Oh well, you win some, you lose some. Apple who recently requested for $180 million extra from Samsung for infringing the patents of the iPhone has agreed to pay €318 million following a two-year fraud investigation in Italy.
According to a report from Italian newspaper La Repubblica, Apple had been under investigation for failing to declare its earning in Italy between 2008 and 2013 – the report also claims that the tech company should have paid €880 million in corporation tax, but paid just €30 million. Asides that, Apple Inc. also engaged in Tax avoidance by booking its sales in the country through Ireland (which has one of the lowest rates in EU – 12.5% to Italy’s 27.5%) instead of Italy.
Prior to this, Apple CEO Tim Cook labelled tax evasion accusations directed at Apple Inc. as “political crap” and claimed: “We pay every tax dollar we owe.”
To a layman, €318 million is a lot of money, but we know Apple has this covered. Asides the fact that they are one of the richest tech companies in the world, they can also employ other strategies to make up for this loss, for example, a slight increase in the price of the iPhone 7 should suffice, we already know that some Apple fanboys will be like:
The luxury of being Apple Inc.