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Report: Google settles French tax case

Google will reportedly pay a $550 million fine in connection to a French probe of possible tax evasion.

According to CNBC, the French government has been investigating Google for four years to see if the tech giant had underrepresented its business in the country. The issue reportedly relates to a European Union (EU) tax loophole that Google and other U.S. tech giants, including Apple, have used to report most of their European earnings in the Republic of Ireland, which has low corporate tax rates.

In addition to paying the $550 million fine (which is being imposed as 500 million euros), Google has also agreed to pay an additional $518 million (465 million euros) in back taxes.

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