Netflix agrees to pay $59 million to settle Italian tax dispute

U.S. streaming service Netflix has agreed to settle a tax dispute with Italy.

Milan prosecutors attested to the agreement saying they had settled with a multinational video on-demand streaming company for a period covering Oct. 2015 to 2019 and asked it to pay 55.8 million euros ($59.1 million).

Prosecutors had opened an investigation into potential tax evasion three years ago.

As a backdrop to the payment agreement, Netflix has now opened an office in Italy, setting up a base in Rome and hiring more than 40 employees.