Apple (AAPL) Probed in Italy Over Alleged Tax Evasion
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Price: $283.78 +3.14%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
EPS Growth %: +20.4%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
EPS Growth %: +20.4%
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Apple (Nasdaq: AAPL) is on watch today following news that the company is being investigated in Milan for alleged tax evasion.
Reuters said Milan claims Apple hid over €1 billion ($1.34 billion) to avoid paying taxes in Italy. An investigation is said to be underway, according to Italian news sources.
Apple did not issue a statement on the reports.
Headlines come as Apple is being pressed by activist investor Carl Icahn to perform a larger buyback aimed at enhancing shareholder value. Apple is said to hold somewhere around $150 billion in offshore accounts, money Icahn believes would be well-spent on loyal investors.
Apple also came under fire earlier this year over the amount of taxes it paid, which caused CEO Tim Cook, CFO Peter Oppenheimer, Apple's head of tax operations Phillip A. Bullock to testify in front of a Senate subcommittee last May. The executives averred that Apple has paid every cent of taxes it owed.
Shares of Apple are about flat Wednesday.
Reuters said Milan claims Apple hid over €1 billion ($1.34 billion) to avoid paying taxes in Italy. An investigation is said to be underway, according to Italian news sources.
Apple did not issue a statement on the reports.
Headlines come as Apple is being pressed by activist investor Carl Icahn to perform a larger buyback aimed at enhancing shareholder value. Apple is said to hold somewhere around $150 billion in offshore accounts, money Icahn believes would be well-spent on loyal investors.
Apple also came under fire earlier this year over the amount of taxes it paid, which caused CEO Tim Cook, CFO Peter Oppenheimer, Apple's head of tax operations Phillip A. Bullock to testify in front of a Senate subcommittee last May. The executives averred that Apple has paid every cent of taxes it owed.
Shares of Apple are about flat Wednesday.
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