Fashion house Armani pays 270 million euros to settle Italian tax dispute: paper
MILAN (Reuters) - Fashion house Giorgio Armani paid 270 million euros ($374 million) to Italian tax authorities last week to settle a dispute over payments from the group's subsidiaries abroad, Italian newspaper Il Sole 24 Ore reported on Friday.
A spokesman for the company, owned by its eponymous founder, said the report was correct but declined to comment further.
All tax claims against Armani, which saw sales rise to more than 2 billion euros in 2012, were now closed, the paper said.
Italy has become more interventionist on taxes during its longest recession since World War Two, and companies in high-profile sectors such as luxury goods are in the crosshairs.
Sector peer Prada Holding, which controls Prada (1913.HK), paid a reported 420 million euros to settle taxes in Italy after completing a process of voluntary disclosure in December.
Few tax cases come to court, with the notable exception of design duo Dolce and Gabbana, who were convicted of hiding hundreds of millions of euros from tax authorities. They have appealed against the ruling and the verdict is due on April 30.
(Reporting by Isla Binnie; Editing by Louise Ireland)
FOX LAKE Ill. - The news about deadly crashes linked to a faulty ignition switch, followed by wave upon wave of recalls, did not bode well for General Motors dealers earlier this year. It conjured visions of worried, frustrated drivers pouring onto lots like Raymond Chevrolet, outside of Chicago.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.