Google to pay $334 million to settle Italian tax dispute

Google to pay $334 million to settle Italian tax dispute

Tech giant Google agreed to pay $334 million to the Italian government to cover a back tax bill, the latest settlement by a US tech company for business in Europe.

"We have also begun the process of drawing up an agreement that will ensure Google pays the correct taxes in Italy in the future", the tax agency said in a statement.

The sum also settles other disputes for the tax years 2002-2006 and 2014-2015.

The Italian Revenue Agency, which opened the investigation previous year, said it would now seek to ensure that multinationals operating in Italy would pay taxes in accordance with revenues made inside the country.

"We remain committed to Italy and will continue to help grow the online ecosystem, " the tech giant confirmed in a statement.

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The company said the agreement is in addition to taxes already paid in Italy over the period.

In Australia, reports lodged by the Australian arms of the company indicate surges in local income and tax paid as a result of obedience with former treasurer Joe Hockey's Multinational Anti-Avoidance Law.

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

While changes to the tax system are at an early stage in Washington, some European policy makers worry that such repatriation would allow U.S. companies to avoid paying their fair share of tax in Europe, an accusation that tech industry officials reject. Finance Minister Michel Sapin said previous year that France will not negotiate with Google but will follow the court.

News.com.au reported that Treasurer Scott Morrison was looking to wring billions from Google and other big companies.

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