According to authorities, Apple only paid $32.7 million in taxes between 2008 and 2013, despite generating revenue of $977.8 million in Italy. In order to settle the investigation, Apple will shell out $348 million.
Of course, the conversation always loops back to European tax evasion among several big-name U.S. corporations. Apple's settlement could be an indication of what's to come for others, including Amazon (AMZN) and Starbucks (SBUX) .
The European Commission has been looking to crack down on companies that use tax-friendly countries to report their sales through, especially Luxembourg, the Netherlands and Ireland, the last of which is Apple's playground.
Allegedly, Apple booked its sales through Ireland, allowing it to pay a much lower tax rate, 12.5% versus 27.5%, that it would face if the sales were reported in Italy.
The news comes not long after CEO Tim Cook appeared on CBS's "60 Minutes," and vehemently defended Apple's tax policies, saying, "Apple pays every tax dollar we owe," and defending the company's decision to not bring cash held overseas home, due to the 40% repatriation tax in the U.S.
Shares of Apple finished down 1.3% to $107.32.
Twitter (TWTR) has updated its rules in order clarify what it considers hateful and abusive conduct. There has been mounting concern over terrorists using the social media platform to promote and recruit new members.