ROME: Seven-time world champion Valentino Rossi came to an agreement with the Italian tax authorities on Tuesday to hand over 19 million euros ($27.7 million) in unpaid tax for the years 2001-2004, Ansa said.
Seven-time world champion Valentino Rossi smiles after an agreement with Italian tax authorities on Tuesday in Pesaro. AFP
That sum could rise to as much as 35 million euros ($51 million) when the Moto GP star's earnings for 2005-06 are taken into consideration as well.
Back in August the Italian tax office said it was investigating Rossi over allegations of tax evasion, linked to his decision to go and live in London in 2000.
Rossi released a statement before attending a press conference, in which he revealed his relief at the outcome of the proceedings.
"I'm very happy with the way this difficult affair has turned out because I think I will be calmer now and that will help me to concentrate on my work," he said.
"For several reasons I've already decided to return to live in Italy. London is a very interesting city but spending more time with my family and friends has become a necessity for me given that due to my commitments on the (Moto GP) tour I spend more than half the year away from home.
"I could not return if I had problems with the Italian tax authorities. I could not allow this to drag on either.
"I've come to an agreement with the Tax Agency which will allow me to return calm and ready ahead of the new season."
Rossi's 19 million euro payment is comprised of 13.71 million euros in unpaid tax, 4.18 million euros in fines and 1.35 million euros in interest.
The popular Italian also appeared in person to the press where he spoke only briefly.
"I am happy with how everything has been sorted out. We've come to an agreement because the Tax Office and I had the same aim, for me to return to Italy.
Tax Office general director Massimo Romano was also pleased with the outcome.
"Rossi behaved in the right way during this affair. Obviously we wish him more success, also from a fiscal point of view, because his success will bring more money into Italy, which is badly needed."
After reigning supreme for seven years, including five times in Moto GP, Rossi failed to win either of the last two Moto GP titles with American Nicky Hayden and then Australian Casey Stoner beating him to the world crown.
Source: China Daily/Agencies
|
Comment
Tell A Friend
Print Format
Save Article