Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Financial police targeting European supercar owners due to Euro crisis?]]>http://www.autoblog.com/2012/03/09/financial-police-targeting-european-supercar-owners-due-to-euro/http://www.autoblog.com/2012/03/09/financial-police-targeting-european-supercar-owners-due-to-euro/http://www.autoblog.com/2012/03/09/financial-police-targeting-european-supercar-owners-due-to-euro/#commentsFiled under: , , ,

Police in Italy

Italy is dealing with a financial crisis that placed it just behind Greece on the list of dangers to the stability of the euro, and with €1.9 trillion in public debt the country hasn't hesitated to turn over its couch pillows searching for every contribution. It started a couple of years ago with the Guardia di Finanza targeting superyacht owners, and it has continued with the financial police going after supercar owners.

In December 2011, the police noted the license plates of roughly 150 Lamborghinis, Ferraris and other high-dollar cars at the Cortina d'Ampezzo ski resort and gave the registration info to the tax office. The tax office checked on the declared incomes, and in nearly 60 cases found owners that claimed to be making less than €40,000 per year - this in a country where the base price of a BMW M3 is €70,700. In an especially bad case, one business owner owned a Mercedes-Benz but had no tax records and a wife on public assistance.

The focus on owners of expensive cars has since spread to other hotspots for the rich like Rome, Milan, Portofino and Florence, and owners have responded by selling their cars at massive discounts. There have been reports of owners so worried about getting stopped by the police that they won't even drive them to the dealer to be traded in, but want the dealer to come pick them up. Entrepreneurs in Eastern Europe and South America are taking advantage of the clearance sales.

Tax cheats are estimated to cost Italy €120 billion per year, and the new efforts along with huge new taxes are expected to reap more than €160 billion annually.

Financial police targeting European supercar owners due to Euro crisis? originally appeared on Autoblog on Fri, 09 Mar 2012 07:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>guadia di finanzaitalian policeitalysupercarstax evasiontaxesFri, 09 Mar 2012 07:59:00 EST http://www.autoblog.com/feed/20185327/article-comments.xml http://www.autoblog.com/feed/2012/03/09/financial-police-targeting-european-supercar-owners-due-to-euro/20185327/article-detail.xml 20185327 http://www.blogcdn.com/www.autoblog.com/media/2012/03/italy-police_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/03/italy-police.jpg <![CDATA[Former VW CEO Pischetsrieder settles tax evasion charges with charity]]>http://www.autoblog.com/2011/10/27/former-vw-ceo-pischetsrieder-settles-tax-evasion-charges-with-ch/http://www.autoblog.com/2011/10/27/former-vw-ceo-pischetsrieder-settles-tax-evasion-charges-with-ch/http://www.autoblog.com/2011/10/27/former-vw-ceo-pischetsrieder-settles-tax-evasion-charges-with-ch/#commentsFiled under: , ,

Bernd Pischetsrieder, former VW CEO

Former Volkswagen CEO Bernd Pischetsrieder has successfully managed to avoid tax evasion charges in Germany by agreeing to donate around $193,000 to various charities, according to Automotive News. Pischetsrieder had been charged with evading more than €230,000 in taxes between 2000 and 2003 (around $322,500 USD) by transferring interest on loans between various properties. The ex-VW executive went on trial on Monday, and according to reports, Pischetsrieder told the court that he never set out to intentionally evade taxes and that he hadn't hidden his activities from authorities.

Pischetsrieder served as Seat CEO from 2000 to 2002, when he replaced Ferdinand Pi

ëch

as VW Group CEO. Pi

ë

ch then moved to become VW Group Chairman, and in 2006, the two had a falling out that saw Pischetsrieder ousted from the company. Martin Winterkorn replaced Pischetsrieder at that time, and he continues to serve as VW Group CEO.

Former VW CEO Pischetsrieder settles tax evasion charges with charity originally appeared on Autoblog on Thu, 27 Oct 2011 11:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bernd pischetsriedercharitycharity donationevasiontax evasiontaxesvolkswagenvwThu, 27 Oct 2011 11:01:00 EST http://www.autoblog.com/feed/20091830/article-comments.xml http://www.autoblog.com/feed/2011/10/27/former-vw-ceo-pischetsrieder-settles-tax-evasion-charges-with-ch/20091830/article-detail.xml 20091830 http://www.blogcdn.com/www.autoblog.com/media/2011/10/-bernd-pischetsrieder_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/10/-bernd-pischetsrieder.jpg <![CDATA[Report: Italian gov't siezes Flavio Briatore's $22M yacht]]>http://www.autoblog.com/2010/05/23/report-former-f1-head-flavio-briatores-22m-yacht-siezed/http://www.autoblog.com/2010/05/23/report-former-f1-head-flavio-briatores-22m-yacht-siezed/http://www.autoblog.com/2010/05/23/report-former-f1-head-flavio-briatores-22m-yacht-siezed/#commentsFiled under: , ,

Briatore's yacht

The Italians don't play when it comes to tax evasion and financial crimes, with a special branch of the army called the Guardia di Finanza solely devoted to busting those who play with numbers. Flavio Briatore is one of the most recent big fish caught in the Guardia's net; his $22-million yacht, Force Blue, was impounded over the weekend off the coast of the Italian Riviera.

The perma-tanned Briatore keeps the yacht registered in the Cayman Islands and claims it's hired out by the week, but Italian authorities contend that Briatore spends a hefty portion of the year on the vessel. In fact, when the dawn raid was carried out, Briatore's wife and son were on board. If customs authorities can prove VAT evasion, Briatore could be on the hook for a fine of $5 million.

Given that Briatore owns and operates a $22-million yacht, he probably won't have a hard time paying the penalty. He shouldn't feel bad either way, since he joins luminaries such as Bank of America, soccer club Juventus, and North Korean dictator Kim Jong-Il on the list of folks nabbed by the Guardia di Finanza.

[Source: The Mirror]

Report: Italian gov't siezes Flavio Briatore's $22M yacht originally appeared on Autoblog on Sun, 23 May 2010 18:04:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>breakingbreaking newsbreakingnewsbriatoreFlavio BriatoreFlavioBriatoreguardia di finanzaGuardiaDiFinanzaitalytax evasionTaxEvasionSun, 23 May 2010 18:04:00 EST http://www.autoblog.com/feed/19487944/article-comments.xml http://www.autoblog.com/feed/2010/05/23/report-former-f1-head-flavio-briatores-22m-yacht-siezed/19487944/article-detail.xml 19487944 http://www.blogcdn.com/www.autoblog.com/media/2010/05/briatoreforceimpound_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/05/briatoreforceimpound.jpg <![CDATA[Helio Castroneves acquitted on six counts of tax evasion]]>http://www.autoblog.com/2009/04/17/helio-castroneves-acquitted-on-six-counts-of-tax-evasion/http://www.autoblog.com/2009/04/17/helio-castroneves-acquitted-on-six-counts-of-tax-evasion/http://www.autoblog.com/2009/04/17/helio-castroneves-acquitted-on-six-counts-of-tax-evasion/#commentsFiled under: , ,



Helio Castrovenes has been acquitted of tax evasion and avoided a six-year jail sentence after a Miami jury deliberated on the case over six days. Castroneves, the two-time Indianapolis 500 winner and Dancing with the Stars alumni, was accused of six counts of tax evasion over the course of five years. Castroneves' sister and business manager, Katiucia Castroneves was also acquitted on her own tax evasion charges, along with one conspiracy count, and Helio's lawyer, Alan Miller, also avoided six years in prison when he was acquitted of a conspiracy count and three charges of tax evasion.

[Source: AP | Image: Darrell Ingham/Getty]

Helio Castroneves acquitted on six counts of tax evasion originally appeared on Autoblog on Fri, 17 Apr 2009 14:46:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquittedHelio CastronevesHelioCastronevestax evasionTaxEvasionFri, 17 Apr 2009 14:46:00 EST http://www.autoblog.com/feed/1520522/article-comments.xml http://www.autoblog.com/feed/2009/04/17/helio-castroneves-acquitted-on-six-counts-of-tax-evasion/1520522/article-detail.xml 1520522 http://www.blogcdn.com/www.autoblog.com/media/2009/04/82690777-580op_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/04/82690777-580op.jpg <![CDATA[Castroneves gets court date, IndyCar season in jeopardy]]>http://www.autoblog.com/2008/11/13/castroneves-gets-court-date-indycar-season-in-jeopardy/http://www.autoblog.com/2008/11/13/castroneves-gets-court-date-indycar-season-in-jeopardy/http://www.autoblog.com/2008/11/13/castroneves-gets-court-date-indycar-season-in-jeopardy/#commentsFiled under: ,

IndyCar great Helio Castroneves is in the legal fight of his life, and the timing couldn't be worse (like seven felony counts ever come at a good time). Castroneves goes on trial for tax evasion charges on March 2 in Miami, just one month before the IndyCar season begins in St. Petersberg, Florida.

Castroneves was indicted by the IRS on October 2 along with his sister/business manager and his lawyer, and the list of charges is substantial. Castroneves is going up against six tax evasion counts and one count of conspiracy with up to 35 years of jail time. Team Penske would undoubtedly love for the two-time Indy 500 champ to be free and clear of these allegations, but the successful race team is in a holding pattern due to its star racer's quandary. Helio's fame from racing and Dancing with the Stars will turn the case into a very big deal, and the courts will handle the case as such. That could mean a very lengthy trial for Helio and his crew, and a potentially embarrassing situation for Team Penske.

[Source: Auto Week | Image: Robert Cianflone/Getty]

Castroneves gets court date, IndyCar season in jeopardy originally appeared on Autoblog on Thu, 13 Nov 2008 09:02:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>dancing with the starsDancingWithTheStarsHelio CastronevesHelioCastronevestax evasionTaxEvasionThu, 13 Nov 2008 09:02:00 EST http://www.autoblog.com/feed/1368592/article-comments.xml http://www.autoblog.com/feed/2008/11/13/castroneves-gets-court-date-indycar-season-in-jeopardy/1368592/article-detail.xml 1368592 http://www.blogcdn.com/www.autoblog.com/media/2008/11/83427349_250op_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/11/83427349_250op.jpg <![CDATA[Helio Castroneves indicted on tax evasion charges]]>http://www.autoblog.com/2008/10/03/helio-castroneves-indicted-on-tax-evasion-charges/http://www.autoblog.com/2008/10/03/helio-castroneves-indicted-on-tax-evasion-charges/http://www.autoblog.com/2008/10/03/helio-castroneves-indicted-on-tax-evasion-charges/#commentsFiled under: ,



Helio Castroneves has known only success in pretty much everything he's ever attempted, whether it be open-wheel racing or his fancy footwork on Dancing with the Stars. But the Brazilian-born driver is going to need more than quick feet and a knack for racing to get the Internal Revenue Service off his back. The two-time Indy 500 champ, along with his sister/business manager and lawyer, is in a world of legal hurt after being indicted by the IRS on six counts of tax evasion, which could send the talented driver to prison for up to 35 years. Castroneves was allegedly using an offshore bank account to hide millions of dollars from the U.S. government, which is a really bad idea, especially if you get caught. He received a $1 million driver agreement and $5 million licensing agreement from Penske racing for 2000-2002, and he allegedly stuffed the $5 million into an offshore account via a deferred royalty plan for which he wasn't eligible. For its part, the IRS seems intent on making an example out of Castroneves, saying "This case sends a clear message that the IRS is committed to vigorously enforcing the lax laws and stopping offshore tax evasion."

[Source: Market Watch, Photo by Robert Laberge/Getty]

Helio Castroneves indicted on tax evasion charges originally appeared on Autoblog on Fri, 03 Oct 2008 11:29:00 EST. Please see our terms for use of feeds.

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