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MILAN (AP) — Netflix has agreed to pay greater than 55.8 million euros ($59 million) and arrange a authorized entity in Italy to settle a tax dispute, Milan prosecutors mentioned Friday.
The cost covers taxes, penalties and curiosity from October 2015 by means of 2019. The streaming service additionally established an Italian subsidiary this 12 months, which can decide its Italian tax burden primarily based on subscriptions to Italian residents.
Prosecutors in Milan mentioned the investigation was triggered by the bodily presence in Italy of technological infrastructure, together with 350 servers, geared toward producing income.
Netflix welcomed the settlement that ends the case protecting the tax years 2015 to 2019.
“Throughout the complete investigation, we cooperated with the Italian authorities and we proceed to consider that we acted in full compliance with Italian and worldwide tax legislation,’’ Netflix mentioned in a press release.
Netflix pays $59 million to settle tax dispute in Italy & More Latest News Update
Netflix pays $59 million to settle tax dispute in Italy & More Live News
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Netflix pays $59 million to settle tax dispute in Italy & More News Today
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