BUSINESS
11/13/2013 10:50 am ET Updated Jan 23, 2014

Apple Under Investigation For Alleged Tax Fraud: Source

MILAN, Nov 13 (Reuters) - U.S. tech giant Apple is under investigation in Milan for allegedly hiding more than 1 billion euros ($1.34 billion) from the Italian taxman, a judicial source with direct knowledge of the matter told Reuters, confirming a local media report.

"The Apple investigation is under way," the judicial source said on Wednesday, without giving details.

The Italian subsidiary of Apple was not immediately available for comment.

The maker of the IPhone is the latest prominent corporation to become the target of a tax probe in Italy amid a global crackdown on tax cheating by multinationals.

In Italy, where tax authorities have become more aggressive in their dealings with global companies, fashion designers Domenico Dolce and Stefano Gabbana were handed in June a 20-month suspended prison sentence and a heavy fine for hiding hundreds of millions of euros in unpaid taxes. Both deny any wrongdoing.

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