Visa’s European wing pays $15 million to settle Italy tax dispute

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Visa’s European wing pays $15 million to settle Italy tax dispute

The US credit card group Visa’s European arm had paid around $15 million (13.2 million euros), in order to settle a legal dispute in Italy over an accusation of tax escaping, a legal document filed by the Italian prosecutors revealed on Friday, the 25th of January, 2019.

According to the judicial document filed by the Milan prosecutors with a judge on December 18th, 2018, the prosecutors did not find any major wrongdoing, as the accusation on Visa Europe Service Inc.

had been revolving around transferring the pricing. The investigation, which led to this dramatic turnover and a minor penalty of $15 million, had opened in early 2017, accusing the Visa Europe Service Inc. of tax escaping over their revenues between 2009 and 2015, accounted for a lump sump figure of 9.6 million euro.

Visa Europe Service Inc. seemed to be extremely fortunate, avoiding hefty financial penalties, as there had been lack of proofs alleging VESI as an offender of tax evasion, meanwhile, in recent pasts, multiple US tech giants including Amazon, Facebook and Google had paid over 800 million euros to settle their tax dispute in Milan.

The Visa Europe Service Inc. did not immediately respond to the subject matter, while being asked for comments.