U.S. tech giant Apple has agreed to pay Italy’s tax authorities €318 million in back taxes after a two-year investigation, Italian media reported Wednesday.
La Repubblica said Agenzia delle Entrate accused Apple’s Italian arm of transferring close to €880 million of profit made in Italy between 2008 and 2013 to an Irish subsidiary to take advantage of that country’s lower corporate tax rate.
Prosecutors Francesco Greco and Adriano Scudieri are credited with leading the investigation into Apple, alleging the California-based Apple had only paid a small fraction of the taxes it should have in Italy.
The agreement between Apple and the tax authorities signals the end of the investigation.
A call to Apple was not immediately returned.
Apple’s low tax rate in Ireland is at the heart of an ongoing European Commission investigation, which is expected to conclude early next year.