[Italy] €1.2bn sought from ION in tax evasion probe

Italy is seeking €1.2 billion ($1.3 billion) from fintech group ION following a probe by prosecutors in the northern city of Bologna into alleged tax evasion over the 2013-2023 period, Reuters reports.

The investigation is the latest in a string of tax evasion cases in Italy, which have targeted US tech companies in particular.

ION Group is a privately held financial services software and data provider based in Dublin, with offices around the globe. It was founded by Andrea Pignataro, an Italian businessman from Bologna.

In recent years, ION has reportedly spent around €6 billion on a series of acquisitions in Italy as Mr Pignataro worked to build a hub to provide data and digital services to smaller banks.

The figure Italy's tax authorities are demanding from ION includes up to €500 million in missing revenues and more than doubles when interest payments are added, a source told Reuters.

ION's lawyers are in discussions with the Italian tax authority to contest the claims, according to the source.

The charge is failure to file a tax return, a second source told Reuters. Prosecutors and Italy's tax police in Bologna are reportedly alleging that ION declared income abroad that was actually produced in Italy.

Source: Reuters

(Link via original reporting)

Italy is seeking €1.2 billion ($1.3 billion) from fintech group ION following a probe by prosecutors in the northern city of Bologna into alleged tax evasion over the 2013-2023 period, Reuters reports.

The investigation is the latest in a string of tax evasion cases in Italy, which have targeted US tech companies in particular.

ION Group is a privately held financial services software and data provider based in Dublin, with offices around the globe. It was founded by Andrea Pignataro, an Italian businessman from Bologna.

In recent years, ION has reportedly spent around €6 billion on a series of acquisitions in Italy as Mr Pignataro worked to build a hub to provide data and digital services to smaller banks.

The figure Italy's tax authorities are demanding from ION includes up to €500 million in missing revenues and more than doubles when interest payments are added, a source told Reuters.

ION's lawyers are in discussions with the Italian tax authority to contest the claims, according to the source.

The charge is failure to file a tax return, a second source told Reuters. Prosecutors and Italy's tax police in Bologna are reportedly alleging that ION declared income abroad that was actually produced in Italy.

Source: Reuters

(Link via original reporting)