Dolce & Gabbana held its first fashion show outside Italy in Hong Kong to showcase some of the world’s most expensive clothing, betting that there is still demand from the ultrawealthy for jewel-encrusted tiaras and glittery dresses. Photo/Video: Eva Tam.
U.S. tech giant Apple is under investigation in Italy for allegedly hiding 1 billion euros ($1.34 billion) from the local tax authority, two judicial sources with direct knowledge of the matter told Reuters.
Milan prosecutors say Apple failed to declare to Italian tax authorities 206 million euros in 2010 and 853 million euros in 2011, one of the sources said, confirming a report by Italian magazine L’Espresso.
“Checks on the size of the tax are under way,” the source said.
The Italian subsidiary of Apple booked some of its profit through Irish-based subsidiary Apple Sales International (ASI), thus lowering its taxable income in Italy, the source said.