Gucci Set to Face Trial for €1 Billion EUR Tax Evasion

Featured
106 106 Vibes 0 Comments

Gucci is under fire for tax evasion. Last year, prosecutors in Milan claimed that Gucci owed Italy close to 1 billion euros, the equivalent of 1.13 billion USD, in taxes on profits made between 2010 and 2016. The luxury brand’s chief executive officer Marco Bizzarri and his predecessor Patrizio Di Marco have been under investigation.

It is suspected that Gucci paid taxes on its profits earned through sales in Italy during the six year span in question in Switzerland as a means to pay lower tax rates. The prosecutors have claimed that even though Gucci’s sales have been made through Swiss company Luxury Goods International, the profits should be taxed in Italy.

The Milan prosecutors have now made a formal request for a trial. Gucci’s tax evasion case will go to court within the next 20 days, unless both parties can agree on a settlement.

Gucci’s parent group, Kering has said in a statement that it is “confident about the correctness and transparency of its operating mode, and is cooperating actively with the competent authorities.”



Read Full Article
Source
ew

What to Read Next

Facebook’s New Technology that can  Predict Your Next Location
Tech

Facebook’s New Technology that can Predict Your Next Location

Facebook has just patented a new technology that allows it not only to track where you go, but…

Playboi Carti Seen Wearing A 99%IS Jacket, Eww Studio T-Shirt, Vlone Jeans And Timberland Boots
Lifestyle

Playboi Carti Seen Wearing A 99%IS Jacket, Eww Studio T-Shirt, Vlone Jeans And Timberland Boots

Rapper Playboi Carti was spotted wearing a 99%IS jacket, Eww Studio t-shirt and Vlone Jeans. He also complained…

PJ Tucker Rocks Loewe Jacket, Pants And Fear of God Sneakers
Fashion

PJ Tucker Rocks Loewe Jacket, Pants And Fear of God Sneakers

PJ Tucker was spotted as he arrived for the Rockets vs Wizards game in D.C. He was wearing…

Kanye West With Kim Kardashian Rocking Prada Jacket And Adidas Yeezy 700 Sneakers
Fashion

Kanye West With Kim Kardashian Rocking Prada Jacket And Adidas Yeezy 700 Sneakers

Kanye West and Kim Kardashian stopped by Takashi Murakami‘s studio in Tokyo, Japan. Kanye wore a Prada jacket…

Amazon says Cyber Monday single biggest shopping day in company history
Tech

Amazon says Cyber Monday single biggest shopping day in company history

United States E- commerce giant Amazon on Tuesday announced that Cyber Monday was the single biggest shopping day…

Tiwa Savage, Wizkid To Feature On Global Citizen EP Alongside Beyonce, David Guetta, Pharrel & Others
Entertainment

Tiwa Savage, Wizkid To Feature On Global Citizen EP Alongside Beyonce, David Guetta, Pharrel & Others

Tiwa Savage and Wizkid have continued to fly the Nigerian flag high as both acts would be joining…

Music: Skip ft. Duncan Mighty – Blessing (Remix)
Music

Music: Skip ft. Duncan Mighty – Blessing (Remix)

Skip gets the rave of the moment Duncan mighty on his buzzing single “Blessing” which was originally released…