Google Italy is in red. The 2016 accounts of the local branch of the Mountain View giant speak for themselves, e it was precisely the maxi dispute with the Revenue Agency that penalized them, which culminated with the 304 million settlement agreement signed on 4 May which apparently also had an immediate and direct impact on the financial statements as at 31 December 2016.
The agreement, which generated a debt to the authorities of our country for "higher taxes, interest and penalties due for previous fiscal years", resulted in "other than management charges" of 94,1 million euros and "taxes relating to previous years” for 37,7 million. The sum does not equal 304 but it is reasonable that the payment was spread over several years. In any case, this initial outlay has produced a net loss of 61 million euros and a negative equity balance of 47 million. In 2016, the company led by Fabio Vaccarono had a turnover of 152 million.
