Bulgari to Face Tax Inquiry - Fashionfad

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Bulgari to Face Tax Inquiry

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January 4, 2013

The tax authorities in Italy are said to be investigating yet another Luxury brand Bulgari Spa, for alleged Tax evasion. Italian jewellery giant Bulgari, which was bought last year by LVMH is accused of evading 93million dollar (approx) and routing its revenue through countries with lower taxes.

Bulgari reported a net profit of 38 million euros in 2010 and was bought by LVMH in March for 4.3 billion euros. Italian fashion house D&G is on trial on a similar accusation of using a shell company in Luxembourg to avoid paying Italian taxes.

The famous fashion duos are accused of failing to declare 840 million euros in revenues.

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