Fresh off the Dolce & Gabbana trial showdown for tax evasion charges, Bulgari has joined the club. The luxury jewelry brand has been accused of tax evasion by Italian authorities, the Telegraph reported on Jan. 2.
According to the publication, Bulgari, a subsidiary of parent company, LVMH, has been accused of tax evading tax payments in excess of €70 million. The investigation, which is spearheaded by the Italian police, focuses on a £3.7 billion LVMH cash-and-share swap deal in 2011. Investigators allege that Bulgari, pushed funds through holding companies in Luxembourg and Ireland, rather than declaring taxes on the funds in Italy.
Bulgari’s tax problems are not unique. Dolce & Gabbana were also accused of evading €420 million in taxes when they sold their brands, Dolce & Gabbana and D&G, to their own Luxembourg-based company, Gado Srl. The trial is set for January 30, reports the Telegraph.
Bulgari has denied any wrong-doing, according to a Jan. 2, Vogue report. "We have always complied with fiscal regulations in Italy and abroad," a representative for the company said.
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