Italy Seeks $1.3b From Ion in Tax Evasion Probe: Reuters

Italy is seeking $1.3b from fintech group ION following a probe by prosecutors into alleged tax evasion over the 2013-2023 period, Reuters reports, citing two unidentified people familiar the matter.

• The total sum Italy’s tax authorities are demanding from ION includes up to 500m euros in missing revenues, which more than doubles when interest payments are added
• The charge is failure to file a tax return, with authorities alleging that the company declared income abroad that was actually produced in Italy
• ION’s lawyers are in discussions with the Italian tax authority to contest the claims

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