Tax authorities seize R $ 6.5 million in assets of a man who claims to be poor and had a Ferrari

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Five apartments were seized, paintings by renowned painters, luxury watches and money, which together total R $ 6.5 million

The Italian financial police seized one million euros from a businessman who said he was poor in tax matters, but who owned a Ferrari and a 12-meter yacht, the Italian news agency AGI said on Friday.

The 72-year-old businessman, who lives near Modena, in Emilia-Romagna (north), had five apartments, six life insurance, money in banknotes deposited in several bank accounts and various valuables, including luxury watches, confiscated and paintings signed by important painters, such as the Italian De Chirico.

The Financial Police discovered an evident gap between the income declared to the tax authorities by the fraudster over many years and the accumulation of valuable assets, some of which appeared in the name of his wife and son.

According to investigators, tax evasion lasted for four decades and allowed its author to lead a lifestyle that was disproportionate to the declared income, usually close to the poverty line.

In total, the authorities found a difference of around seven million euros ($ 8.2 million) between declared income and true accumulated wealth.

The debt with the tax authority amounts to more than 12 million euros (14.1 million dollars).

Italy, the third largest economy in the eurozone, has struggled for years against the phenomenon of tax evasion.

According to estimates by the Ministry of Finance, this phenomenon costs the State a loss of about 109 billion euros (more than 128 billion dollars) a year in collections.



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