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The settlement relates to a probe into the way Booking.com handles taxation of properties rented out through its website.
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Italian authorities alleged that Booking.com evaded 153 million euros of value-added tax (VAT) from 2013 to 2019.
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The settlement includes Booking.com filing its VAT return in Italy for 2022 and acting as a tax substitute for transactions with private individuals not registered for VAT.
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The investigation focused on VAT payments between private individuals for rental properties advertised on Booking.com.
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Italian tax authorities believe Booking.com should have acted as a withholding agent, collecting tax from property owners.
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The settlement follows similar high-profile tax deals between Italian authorities and other multinational companies.
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An Italian judge recently seized 780 million euros from short-term rentals platform Airbnb in a similar tax collection case.