Italy's tax agency said talks would begin on signing "preventive agreements" to ensure the company pays the correct tax in the future.
The settlement also puts an end to separate disputes covering the periods of 2002-2006 and 2014-2015.
"We remain committed to Italy and will continue to help grow the online ecosystem, " the tech giant confirmed in a statement.
The company worked out a similar deal with the United Kingdom over a year ago, paying £130 million to British tax authorities.
In late 2015, the Organisation for Economic Cooperation and Development released recommendations in a bid to claw back as much as $240 billion in lost revenue each year through suspicious tax practices across the globe, such as funnelling money through certain countries in order to pay a lower tax rate.
Report Names Wisconsin Among 12 Worst States for Drinking Water Safety
That means 77 million Americans, approximately one-fourth of the population, are drinking dirty water. Hajna said thousands of tests are performed throughout the year on New Jersey's many water systems.
"Google and the Italian Revenue Agency have reached a settlement, resolving a tax inquiry for a period between 2002 and 2015 without litigation".
Google's parent company Alphabet, whose motto is "Do the Right Thing", has been probed in Italy and other countries for booking income in Ireland, where taxes are lower. In September, the European Commission ordered Apple to pay record $14.5 billion in tax arrears to Ireland, but Dublin, which benefits from hosting a number of multinationals due to it lax tax regime, has appealed the ruling. Facebook didn't immediately reply to requests for comment.
The Commission a year ago accused Ireland of helping Apple to artificially lower its tax bill for two decades and ordered the government to claw back a record-breaking €13bn. Finance Minister Michel Sapin said previous year that France will not negotiate with Google but will follow the court.
Meanwhile, the French authorities accused Google of owing €1.6bn in taxes.