Designers Domenico Dolce And Stefano Gabbana Sentenced To 20 Months In Jail For Hundreds Of Millions In Tax Evasion

Dolce And Gabbana Sentenced To 20 Months In Jail For Hundreds Of Millions In Tax Evasion (ZeroHedge, June 19, 2013):

The latest casualty of Europe’s berserk pursuit of tax evaders everywhere: not some Russian oligarch with a $1 billion Cypriot bank account but famous Italian designers, Dolce and Gabbana. WSJ reports that a Milan court has convicted the designers Domenico Dolce and Stefano Gabbana of tax evasion. The pair were found guilty Wednesday of failing to declare €1 billion ($1.3 billion) in income tax to authorities. The court sentenced them both to one year and eight months in jail. Prosecutors argued that the pair had evaded taxes on income of €416 million each and €200 million through a Luxembourg-based company. The statute of limitations ran out on a charge of misrepresenting income. The designers have denied the charges.

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