Italian tax police targets jeweller Bulgari-report

MILAN Mon Dec 31, 2012 5:14am EST

MILAN Dec 31 (Reuters) - Italian police have carried out checks at Rome jeweller Bulgari to assess whether the group owned by French luxury conglomerate LVMH regularly declared income tax in Italy, a newspaper reported.

Italian authorities have intensified their efforts to collect taxes this year and have already targeted foreign companies, such as Google and Facebook to assess whether their Italian divisions are paying their taxes.

The Corriere della Sera on Monday reported that police completed a tax inspection last week, alleging Bulgari did not declare income in Italy to the tune of around 70 million euros ($92.55 million).

"We have always complied with fiscal regulations in Italy and abroad," Bulgari family member Francesco Trapani, who heads LVMH's jewellery and watch division, told the newspaper.

The report, which cites a police document, said controls focused on the last five years through 2011, the year when LVMH bought Bulgari in a all-share deal worth 3.7 billion euros.

Trapani said Bulgari has always collaborated with Italian authorities and emerged unscathed from past fiscal controls.

Bulgari was not immediately reachable for further comment.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video