Bulgari Assets Seized To Cover Taxes
The second luxury brand to be in some sort of tax trouble, Bulgari is currently under investigation for allegedly evading taxes on revenue of about 3 billion Euros ($4 billion at current exchange).
As a result, the Italian authorities have seized about $60 million in assets from top company executives, including chairman and vice chairman Paolo and Nicola Bulgari, the siblings of the family who has had the brand in control for 128 years.
Allegations against Bulgari contend that beginning in 2006, Bulgari set up “fictitious companies” in countries with more favorable tax laws than Italy, such as Ireland, Switzerland and the Netherlands, to avoid the higher tax rates in their country.
Bulgari's only released statement on the matter said: “The company is extremely surprised by the arguments deployed in such order and declares that the foreign companies at issue are real and genuine companies performing an undisputable strategic role for the group, employing about 300 employees of various profiles.”
Ally | Elite.
Photo Credit: Getty Images
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