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Italian tax inspectors to hit the 'have-yachts' for evasion
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Author:  Amnesia10 [ Wed Aug 11, 2010 8:01 pm ]
Post subject:  Italian tax inspectors to hit the 'have-yachts' for evasion

http://www.telegraph.co.uk/news/worldne ... asion.html

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Quote:
The team will be carrying out spot checks on yachts and in bars to make sure that people are paying what is due.
Yacht owners will be asked to hand over registration documents which will then be cross referenced with the income they have declared they should be taxed on.
If there is a discrepancy, for example someone owning a €100,000 (£83,000) yacht but declaring an annual income of just €20,000, then they will investigate further.
In bars, restaurants, nightclubs and other venues the books would be gone through to see if fittings and other decor would square with annual returns.
According to the latest figures available from the Agenzia delle Entrate, Italy's equivalent of the Inland Revenue, more than €124 billion, is evaded every year by Italians.
They say that 25,000 inspections will be carried out across the country this summer with agents focusing primarily on the country's 8,000 mile coastline.
Particular attention will be paid to the more popular tourist resorts, from the Amalfi coast to south to Sicily and up to Venice Lido – with the focusing being on marinas, where despite the credit crunch ever more luxury yachts seem to be berthed.
It comes after Formula One boss Flavio Briatore's £17 million yacht Force Blue was chased by financial police as part of an alleged £3.5 million tax evasion probe.
Mr Briatore, 60, denies any wrong doing and the boat which was initially impounded has now been released and he is currently holidaying on board it with his 30-year-old wife Elisabetta Gregoraci.

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