08:40 AM EDT, 06/28/2024 (MT Newswires) -- (Updates with a response from Google ( GOOG ) in the last paragraph.)

Italian tax authorities are seeking an additional 1 billion euros ($1.07 billion) in tax payments and penalties from Alphabet's (GOOG, GOOGL) Google ( GOOG ), Reuters reported Friday, citing unnamed people familiar with the matter.

The investigation covers the period 2018 to 2022, Reuters reported the sources as saying.

The company paid Italy 306 million euros in 2017 on the basis of taxes on personnel operating permanently in Italy, Reuters reported. The case this time relates to IT infrastructure Google ( GOOG ) has in Italy, Reuters reported its sources as saying.

If the two sides reach a settlement, Italy will pursue the same strategy to collect taxes from other international tech companies operating in the country, the sources told Reuters.

"We comply with the tax laws in every country in which we operate, including in Italy. We will cooperate with the authorities," a Google ( GOOG ) spokesperson said in an email to MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 184.52, Change: -0.89, Percent Change: -0.48