A Google spokesperson said: "In addition to the taxes already paid in Italy during those years, Google will pay another 306 million euros".
In a move echoing a similar settlement with Apple in December 2015, Italy's tax agency said the payment settled Google's liabilities between 2009 and 2013, the period under investigation by Italy's Financial Police (GdF) coordinated by the chief public prosecutor in Milan.
"In addition to the taxes already paid in Italy during those years, Google will pay another 306 million euros", a spokeswoman for the U.S. company said in an email.
Other European countries have also accused Google of avoiding taxes by booking income earned in higher-taxing markets through its Ireland unit, where taxes are lower. Apple dashed out 300 million euros to Italian authorities in 2015, while Google closed a $185-million deal with the United Kingdom past year.
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Italy's tax office said the additional money Google will pay covers both its Italian and Irish units. The company has denied the allegations.
The biggest outstanding dispute in Europe concerns a record breaking €13 billion ($14.2 billion) tax bill that Ireland has been ordered to serve Apple.
"Corporate tax is based on profits, not revenues, and our profits have remained low given our heavy investments and the fact that retail is a highly competitive, low-margin business", said Amazon, which has invested EUR800 million in Italy since 2010.
Google did not immediately respond to a request for comment.