French news weekly reported that Apple had paid nearly 500 million euros ($570 million) to resolve the case in a confidential settlement reached in December. “The French tax administration recently concluded a multi-year audit on the company’s French accounts and an adjustment will be published in our public accounts,” Apple said in a statement. In 2016, it was ordered by the European Commission to pay 13 billion euros in back taxes to Ireland. The tax, to be put to parliament in a bill later this month, would affect companies with global sales of more than 750 million euros and 25 million euros in France, according to the government. It would be retroactive to January 1 and is expected to raise 500 million euros this year.

Source: Punch February 05, 2019 12:00 UTC