Tax Evasion - Moto Mayhem  

Tax Evasion - Moto Mayhem

Valentino Rossi is one of the most recognisable names and faces in the motorsport industry but the charismatic Italian was in for a shock when he was charged with massive tax evasion in early 2008.

According to a report in the Times, Italian Moto GP star, Valentino Rossi, took a considerable hit to the wallet when he was charged for tax evasion. The 7 time world champion agreed to hand over a not unsubstantial €35m after allegations of tax evasion were bought against him by the Italian authorities. In what is one of the biggest tax evasion cases in Italian history, it is safe to say that the Italian tax office successfully made an example of the Moto GP star that will have sent shudders down the spine of others currently involved in tax evasion schemes.

Tax Evasion - The Chequered Flag

The beginning of the end for Valentino Rossi's tax evasion was in August 2007 when the Italian tax office began to investigate irregularities in the sport star's finances. According to the report in the Times, it was Rossi's decision to go and live in London that aroused the suspicion of the Italian tax office which resulted in tax evasion proceedings being bought against the Moto GP star. After realising that he could possibly face incarceration, Rossi decided to cut a deal with the Italian authorities investigating him and agreed to pay €35m. These payments will be staggered for the 28 year old Italian and he will pay €19m for the period of tax evasion between 2001 and 2004. When his 2005-2006 earnings are taken into account, the eventual amount that Rossi will pay could rise to the €35m figure

Tax Evasion - Showing Remorse

Valentino Rossi certainly seemed repentant for his tax evasion over a seven year period and it is not difficult to see why given the size of the fine that was handed out. Valentino Rossi had spoken of how his tax evasion problems had prevented him from returning to Italy and in a statement reported to the Telegraph, he states, "For several reasons I've already decided to return to live in Italy. London is a very interesting city but spending more time with my family and friends has become a necessity for me. I could not return if I had problems with the Italian tax authorities. I could not allow this to drag on either. I've come to an agreement with the Tax Agency which will allow me to return calm and ready ahead of the new season." Tax evasion is a very serious crime and authorities are increasingly making examples of celebrities and those in the public eye in order to show that it will not be tolerated.

Speak to Gilbert Tax about Tax Evasion

Gilbert Tax are tax specialists who specialise in resolving tax investigations and disputes. Offering efficient, friendly and cost effective solutions to tax problems, Gilbert Tax are pleased to provide assistance with issues ranging from tax evasion to VAT fraud. With over 60 years of combined experience in the industry, Gilbert Tax offer unparalleled service that will get to the bottom of tax discrepancies and disputes. To find out more about tax evasion and the range of services provided by Gilbert Tax, just call 0800 734 3333 or email scott.gilbert@gilberttax.co.uk

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