Apple coughs up Italian money

Apple blossom, Mike MageeCupertino  company Apple will  pay the Italian authorities $348 million in back tax.

That’s according to a report from Reuters, which quoted a source close to the matter.

Apple will not only pay $348 million to thee tax office but will be forced to sign a deal which commits it to pay tax from 2015.

While the tax office has confirmed a deal is in the offing, it didn’t say how much Apple would have to pay out.

Apple has a complicated way of accounting that means revenues are booked by an Irish subsidiary.

Other companies, including Amazon and Google, are under investigation for not paying enough taxes in European countries.