Italy says Amazon will pay $118 million to end tax dispute

Italian tax authorities say Amazon will pay 100 million euros ($118 million) to end a dispute over its tax payments from 2011-2015.

The agreement announced Friday comes as many European countries seek to close loopholes in tax payments by major multinationals.

Amazon confirmed the agreement in a statement, without disclosing the amount it would pay.

The internet retailer headquartered in the U.S. state of Washington said it set up an Italian branch in May 2015 "with all retail revenues, expenses, profits and taxes due now accounted for in Italy."

It further said it had invested more than 800 million euros in Italy and created 3,000 jobs since 2010.

Italian tax authorities have reached similar deals with Google and Apple.