A 72-year-old Italian has, for forty years, undervalued his income and his assets with the tax authorities.
His little merry-go-round had been in operation for several decades. The Italian tax authorities have just seized goods worth more than a million euros from an entrepreneur who pretended to be poor to the administration, reports the media Ansa. The 72-year-old man, who lives near Modena in Emilia-Romagna, has had five apartments, six life insurance policies, two bank accounts, luxury watches but also paintings by great painters confiscated. For nearly 40 years, this entrepreneur told the tax authorities to live very little while he drove in Ferrari 308 GTSi of 1986 and traveled by yacht, specified the Italian financial police, Friday, October 16.
The investigation showed that the septuagenarian declared very little income and assets to the tax authorities when he actually accumulated many valuable assets. Property that the main party put in the names of his wife or son, to distract attention. This tax evasion would have allowed this man to lead the high life when he declared income just above the poverty line.
>> To read also – Tax evasion: definition, causes and effects
Thus, there would be no less than 7 million euros of difference between what he declared and the value of his heritage. A shortfall of more than 12 million euros over forty years for the Italian tax administration, underlines the Italian media. As Le Parisien reminds us, tax evasion is a scourge in Italy. The Ministry of Finance estimates losses for the state at 109 billion euros each year.
>> To read also – This report which lists the most problematic tax frauds for public finances
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