Rossi Settles Dispute with Tax Men (27 million plus)

CNN.com ^ | Feb 12, 2008 | CNN

[zipper]

ROME, Italy -- Seven-time world champion Valentino Rossi has reached an agreement with the Italian tax authorities and will hand over 19 million euros ($27.6 million) in unpaid tax for the years 2001-2004, Ansa reported.

Rossi will move from London and return to live in Rome after agreeing a deal with the Italian tax authorities.

The figure could rise to as much as 35 million euros when Rossi's earnings for 2005-06 are taken into consideration.

In August the Italian tax office said it was investigating Rossi over allegations of tax evasion, linked to his decision to live in London in 2000....

[zipper]

Busted! Seven-time world champion Rossi is Italy’s highest-paid athlete, and number four on Sports Illustrated’s 2007 “International 20,” for top-earning non-American athletes. And this penalty is only part of it...

Rossi got his clock cleaned all last season by Ducati's then-21-year-old Casey Stoner, and hasn't had a title since 2005. He finished third in the standings for Yamaha with 241 points versus 341 for Stoner.

Guess he needs to go out and win this year, to pay the taxman...

more links:

Roadracing World:

http://roadracingworld.com/news/article/?article=31400

[zipper]

((((PING))))

[sinanju]

There was a recent article, in IBD, I think, that Britain has recently changed its tax laws such that it is now no longer the tax haven it used to be. I think this may have something to do with our hero’s settling up with his government.

[zipper]

He did say he’s moving back to Italy — that’s probably true.