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Netflix pays $59 mn to set up legal entity and settle tax dispute in Italy

Netflix has agreed to pay more than 55.8 million euros and set up a legal entity in Italy to settle a tax dispute, Milan prosecutors said on Friday.

Netflix

AP Milan
Netflix has agreed to pay more than 55.8 million euros (USD 59 million) and set up a legal entity in Italy to settle a tax dispute, Milan prosecutors said on Friday.
The payment covers taxes, penalties and interest from October 2015 through 2019. The streaming service also established an Italian subsidiary this year, which will determine its Italian tax burden based on subscriptions to Italian residents.
Prosecutors in Milan said the investigation was triggered by the physical presence in Italy of technological infrastructure, including 350 servers, aimed at producing revenue.
Netflix welcomed the settlement that ends the case covering the tax years 2015 to 2019.
Throughout the entire investigation, we cooperated with the Italian authorities and we continue to believe that we acted in full compliance with Italian and international tax law,'' Netflix said in a statement.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 20 2022 | 10:14 PM IST

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