Nobody likes to be targeted by the tax authorities. Least of all Bulgari, which had to come to terms with the Revenue Agency. According to what we read in the newspapers, Bulgari paid around 30 million euros (but some say 42 million) to close the administrative dispute with the Italian tax authorities. In short, the tax authorities claimed that in previous years Bulgari had not paid all the taxes it should have. In the end, the consultants of the Roman fashion house, which ended up under the umbrella of LVMH, recommended what in tax jargon is called an “assessment with adhesion”. The decision, it must be said, was also “recommended” by a seizure of assets and financial resources for over 55 million euros. The tax authorities contested Bulgari’s financial statements for the period 2006-2009, when it allegedly hid around 3 billion euros through foreign companies. Not a small amount, in fact. Unfortunately, however, the matter does not end with the huge fine, pardo, with the plea bargain. The public prosecutor of Rome who conducted the investigation, according to rumors, is ready to request the indictment of the 13 suspects, including the brothers Paolo and Nicola Bulgari, Francesco Trapani (who recently left the position of number one of the LVMH jewels), and Maurizio Valentini, respectively former and current legal representative of the Italian company. The accusation for all is of fraudulent declaration through artifice and deception and of tax evasion. A situation, it must be said, not very brilliant.
