Italy judge agrees tax probe settlement with head of Apple's Irish unit: source
- Wall Street falls as investors ready for Trump's inauguration
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
- Skyworks Solutions (SWKS) Tops Q1 EPS by 3c, Offers Q2 Guidance, Announces Buyback
- After-Hours Stock Movers 01/19: (SWKS) (QRVO) (NVAX) Higher; (AFMD) (SGYP) (IBM) Lower (more...)
An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photo
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
MILAN (Reuters) - A Milan judge has accepted a settlement agreement with the head of Apple's Irish-based unit Apple Sales International as part of a probe into allegations the U.S. tech giant failed to pay corporate taxes in Italy to the tune of 879 million euros ($959.43 million), a judicial source said.
Under the settlement agreement, a six-month jail sentence for the executive has been converted into the payment of a 45,000 euro ($49,126) fine, the source said.
Under Italian law, a settlement agreement does not imply an admission of guilt.
Milan prosecutors investigating the allegations have asked for the case against two managers from the Italian subsidiary of Apple to be dropped, the source said.
Apple was not immediately available for comment.
(Reporting by Emilio Parodi, writing by Silvia Aloisi, editing by Valentina Za)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Several people injured after car hits pedestrians in Australian city Melbourne
- Las Vegas Sands pays $7 million to end U.S. criminal bribery case
- Fed's Yellen says unwise to allow U.S. economy to run 'hot'
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!