Bulgari Assets Seized

Italy’s tax police have confiscated real estate properties, including a site in Rome’s Via dei Condotti, life insurance policies and corporate investments traceable to Bulgari executives for a total value of 46 million euros, or $60 million at current exchange, according to a release issued by the Guardia di Finanza, an Italian police force under the authority of the national minister of economy and finance.

The investigations are focused on alleged fraudulent earnings’ declarations and evasion of tax payments of around 3 billion euros, or $4 billion, starting from the year 2006, through a system of allegedly fictitious companies in the Netherlands and Ireland, set up in order to avoid paying taxes in Italy. In the statement, the tax police said it has unearthed nine pages of documents Bulgari executives named “escape strategy,” to find alternatives to Italy’s high tax rate and, in particular, to a legislation introduced in 2006, “referred to taxes to be paid on dividends coming from countries with a privileged fiscality.”

A statement from Bulgari on the issue is expected in the afternoon.

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Posted on March 14, 2013, in Other. Bookmark the permalink. Leave a comment.

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