Google to pay €306m to settle Italian tax dispute

Google to pay €306m to settle Italian tax dispute

Google has agreed to pay a near-record fine of over 306 million Euros (334 million dollars) to settle a tax controversy in Italy, officials said on Thursday.

Both Google and the Italian tax office said the agreement covered the years between 2002 and 2015. The figure also included smaller amounts from disputes between 2014 and 2015 as well as between 2002 and 2006.

In a statement welcoming the settlement, the Italian federal tax authority said talks would continue with the search giant with a view to reaching an agreement on the "correct taxation" of its affairs in Italy.

Google said €303 million was attributed to Google Italy and the remainder to Google Ireland.

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Basically, it would give such employees the right to ask for compensatory time off instead of time-and-a-half overtime pay. This makes for an uphill battle in the Senate, even though the White House has come out in support of the measure.

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The Australian government also introduced legislation of the same name in March hitting multinationals - with global revenue of more than AU$1 billion and Australian revenue of greater than AU$25 million - with a 40 percent tax on all profits.

On Thursday, Google confirmed that it would pay the back taxes to Italy, on top of what it already paid during 13 years of operations through 2015.

The new rules are expected to come into effect in 2018.

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He averages around a seventh place finish at Richmond and was nudged out of the way on the final lap in this race previous year . So when the spring race was moved to Sunday last season on objective , it was a welcome change, and that is fine in my book.

In late 2015, USA tech giant Apple paid 318 million euros to settle a dispute over its Italian earnings dating back to 2008.

Apple is also facing a tax probe in France, While Italy has reportedly started looking into Amazon's tax contributions.

While changes to the tax system are at an early stage in Washington, some European policy makers worry that such repatriation would allow United States companies to avoid paying their fair share of tax in Europe, an accusation that tech industry officials reject.

Finance minister Michel Sapin said past year that France wouldn't negotiate with Google, but would instead pursue the company through the courts.

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