Apple reaches tax settlement in France

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https://www.bbc.com/news/live/business-47091084

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4:56

Apple reaches tax settlement in France


Apple has reached a deal with France to pay an undeclared amount of back-dated tax, with French media putting the sum at around 500 million euros ($571 million).

Apple did not disclose how much it had agreed to pay.
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[nitpicker]

1. More from AFP

https://www.thelocal.fr/20190205/apple-reaches-deal-with-france-over-10-years-of-back-taxes

Apple has reached an agreement with French authorities over 10 years of back taxes, the US firm told AFP on Tuesday, confirming information published by the French magazine L'Express. The magazine reported that the firm paid nearly 500 million euros ($570 million) to resolve the case in a confidential settlement reached in December.
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According to L'Express, the deal followed several months of talks between Apple and French tax authorities, and concerned the small amount of revenue the firm booked in France while the sales it reported in Europe ballooned, thanks in particular to iPhone sales.

L'Express said Apple's European revenues exploded seven-fold, from 6.6 billion euros in 2008 to 47.7 billion in 2017, and most of it was booked in Ireland where the US firm has its European headquarters.

Ireland has low corporate tax rates that have attracted many multinationals, but there are wide concerns that firms manipulate accounting rules to escape paying revenues in European countries where taxes are higher.
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