NEWS » Tax Evasion Blitz in Italy

Tax Evasion Blitz in Italy

The Daily Telegraph reported on Saturday 17th January 2012 a tough new crackdown on tax evasion in Italy.

The blitz follows a successful Christmas operation by the Guardia Fidenza in Cortina d'Ampezzo which revealed tax evasion on a massive scale not only among local businesses but also the many Christmas visitors to the resort.

The Telegraph reports that the attack on tax evasion is part of a concerted effort to restore market confidence in the country's economy and to raise much needed funds to reduce the £1.57 trillion debt. Acording to the Telegraph Italy nearly 66% of the country's taxpayers claim a gross annual income of £16,500 or less, whilst 188,000 own cars such as Maserati, Ferrari,BMW Mercedes or Porsche and 42,000 own yachts. Of the 12m Italians who declare annual earnings of £42,000 or less (50,000 euro), 217,000 drive a high powered luxury car , 26,000 have a yacht and 600 commute by plane.

The Italian media refer to "the pretend poor" - people of clearly substantial means who many think must be massively under-declaring their real earnings. 275 billion euro is estimated to be lost to the Treasury through tax evasion.

When, in October last year, tax officials descended on the town of Rovigo businesses confessed to six times more revenue than they declared the pevious year!

Nick squires of the Telegraph reports that Italy's smartest islands and summer resorts are to be the next targets. Bruno Buratti, a general in the Guardia Finanza is quoted as saying " The threshold of tolerance in this country has reached its limit. The indecency of people who claim to possess nothing but then buy luxury cars, boats and prvate jets is starting to be regarded by the public as an outrage."

Backhill/The Daily Telegraph

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