By  on April 20, 2014

MILAN — The Giorgio Armani Group has agreed to pay a total of 270 million euros, or $373 million at current exchange, to Italy’s internal revenue service, the Agenzia delle Entrate, a company spokesman confirmed.

News of the settlement was first reported in Italian newspaper Il Sole 24 Ore. It said the agency’s audit concerned the operations of three foreign companies directly controlled by Giorgio Armani in the 2002 to 2009 period. Although the Giorgio Armani Group brought back the tax residency of the aforementioned companies in Italy in 2009, the revenue office claimed that the group should have paid the income taxes in Italy.

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