BVLGARI FACES TAX EVASION CHARGES

 

 

BULGARI has been accused of evading tax payments of more than €70 million (£57 million). The inquiry focuses on the last few years, particularly on 2011 -when LVMH took control of the Italian jewellery label in a cash-and-share swap valued at £3.6 billion.

The charges - investigated by an arm of the Italian police force, the Guardia di Finanza - allege that the luxury brand redirected some of its revenues to Luxembourg and Ireland through holding companies, rather than declaring profits in Italy,WWD reports. Bulgari has denied any wrong-doing.
"We have always complied with fiscal regulations in Italy and abroad," said LVMH watches and jewellery division president Francesco Trapani.
The label is the latest fashion name to face tax evasion allegations, with Domenico Dolce and Stefano Gabbana currently waiting to stand trial over similar charges.