Tax evasion must be a new trend Italian fashion companies. The ink on Dolce & Gabbana’s tax evasion subpoena barely got time to dry before luxury brand Bulgari faced similar charges. Seriously?
Get the scoop after the pause.
According to Italian newspaper Il Corriere della Sera, the national minister of economy and finance’s police force has launched an investigation after accusing Bulgari of failing to pay $92 million in taxes. Holy shit! The issue stems from when LVMH Moët Hennessy Louis Vuitton acquired Bulgari in a $6 billion cash-and-share swap in 2011. Allegedly the brand filtered funds through holding companies in Ireland and Luxembourg instead of reporting them to Italian authorities and having the cash taxed. Sounds like some serious jail time.
Courtesy of Fashion United