Airbnb Inc (NASDAQ:ABNB, ETR:6Z1) has settled a €576 million ($620.56 million) European tax dispute after an Italian court last month ordered €779.5 million to be seized for alleged tax evasion.
The US-based holiday lettings platform said in a statement that it had agreed the settlement but not admitted any liability.
In early November an Italian judge ordered the seizure of from the company's European headquarters, which are situated in Ireland, for alleged tax evasion.
In a case brought by the Milan prosecutor's office, Airbnb was accused of failing to withhold 21% of landlords' rental income and paying it to Italian tax authorities, breaking a 2017 law.
Today’s agreement “settles the withholding on Host income tax obligations of Airbnb Ireland, including taxes, interest and penalties, for the audited periods,” the company said in the statement.
“The settlement does not include any tax withholding assessments for 2022 and 2023, which amounts could be material."