Rossi agrees to pay tax!

[gav]

Holy smoke, Valentino is to pay $35million Euros in tax to the Italian IRD!
Thats over $64,000,000! :gob:
http://www.iht.com/articles/ap/2008/02/08/sports/EU-SPT-MOT-Rossi-Taxes.php
Thats gotta hurt, even him! :Oops:

[onearmedbandit]

Fuck, that's mind-boggling.

[bugjuice]

ouch.
there goes that new yacht

[Finn]

I bet he's bought some concrete shoes for his accountant.

[Toast]

The poor guy, he must only have around e100m left after that.

[McJim]

He shoulda got himself residence in Monaco like all the F1 drivers do.

[Nagash]

How much do you need to earn to have to pay that much tax.. Jesus!

Lucky yet bloody unlucky..

[Mental Trousers]

And to think I was pissed off when the IRD told me I owed $1700.

[Cleve]

He shoulda got himself residence in Monaco like all the F1 drivers do.

Thought he was resident in London. That means he pays British taxes as well as Italian taxes??!
My god, it is almost as bad for him if he just lived in NZ!!

[pritch]

How much do you need to earn to have to pay that much tax.. Jesus!


It's a year or so since I've seen an estimate of his income but last time he was thought to be earning NZ$ 45 million or thereabout.

Not quite a million a week. More than I get :-)

[Shaun]

It's a year or so since I've seen an estimate of his income but last time he was thought to be earning NZ$ 45 million or thereabout.

Not quite a million a week. More than I get :-)





With that income, it's hard to understand why the man just did not pay his taxes in the first place:doh:

Guess it comes down to the games him and his manager are playing with the TAX Dept over which country he really lives in I guess

[R6_kid]

I submitted tax returns to IRD for both 2005 and 2006 late last year. One came back with them owing me $258, the other me owing them $28. Which one do you think they chased?

[denill]

Holy smoke, Valentino is to pay $35million Euros in tax to the Italian IRD!
Thats over $64,000,000! :gob:

Thats gotta hurt, even him! :Oops:

When you consider that tax is only a percentage of earnings, Val's got PLENTY. :shit:

[GIXser]

its nothing for him he will earn that this season alone

[R6_kid]

It's only $10mil a year since he went MotoGP... if this problem goes back that far.

[bigbad]

They way Italians deal with their taxes is a lot different to how we do things here. (Maybe culture) I've heard they are a lot dogey and many companies file false returns and don't declare income, revenue ect.

[Movistar]

Might as well just buy the IRD...

[orangeback]

http://www.motogp.com/en/motogp/motogp_news.htm?menu=news&news_id=22045&championship_id=3&section=1
that's a lot of dosh 65 million nz:woohoo::woohoo::doh:

[The Pastor]

italy's gumbermint isnt corrupt - yeah right!

[Coyote]

Gosh, knew he must be making a fair bit of money but not quite that much

[HenryDorsetCase]

in the late '60s, early '70's riders were making good money, and F1 drivers more: like 500000 pounds a year. This was before the rampant commercialism and before TV rights and all that palaver. I bet that is less than a year's income for VR, and he is still in his peak earning years.

Good to see it sorted.

[James Deuce]

Rossi doesn't tell lies like, "I live in the UK, not Italy" - Yeah Right. Serves him right for not hiring a financial team to absolve him from having to pay tax at all. He's too rich to even dream of paying tax, the idiot.

[Badjelly]

Sorry if this is a bit off-topic. Perhaps there should be a sub-forum for Racing Celebrities?

Rossi is going back to Italy to "spend more time with his family":

http://www.crash.net/motorsport/motogp/news/159622-0/rossi_does_a_deal_returns_to_italy.html

I'm a huge fan of Rossi, but not so much of his PR people. At least when he talks about racing he seems to tell it as he sees it.

It'll be great to see him do battle with that stroppy young Aussie bloke. Can't wait.

[James Deuce]

He got done for tax evasion because he lied about his place of residence. He WAS living in Italy, he just listed his address as London. Cost the silly bugger 35 million.

This is one of those PR press releases designed as a feeble, paper thin cover up for his fraud.

[Badjelly]

He lived in London because he loved the vibe there and he could be more anonymous. Oh, and because he thought it would save him buckets of money in tax.

He's returning to Italy to spend more time with his family and friends. Oh, and because the Italian tax people said they'd sue the pants off him if he didn't.

[pritch]

It would seem we currently have three threads running on KB that concern themselves with VR's tax problems. Even considering the magnitude of the amount that does seem a tad excessive :whistle:

[Badjelly]

Sorry, I shouldn't have started a new thread, this really belongs in

http://www.kiwibiker.co.nz/forums/showthread.php?t=67060

[Badjelly]

It would seem we currently have three threads running on KB that concern themselves with VR's tax problems.

Er ... sorry.

[HenryDorsetCase]

we're all basically jealous. I cant even find the $45k for the car I want, let alone a few million in Euros for tax.

[Badjelly]

A few years ago Alex Barros paid US$2.9 million for breaking his contract with Yamaha

http://www.mcnews.com.au/motorcycleracing2005/motogp/barros_court.htm

I remember thinking at the time that this must be a lot of money for a poor motorcycle racer. It probably made a bigger hole in his finances that EU35 million in Rossi's.

[James Deuce]

He lived in London because he loved the vibe there and he could be more anonymous. Oh, and because he thought it would save him buckets of money in tax.



There have been a substantial number of reports in the bike press ever since the potential scale of Rossi's tax fraud became evident, that he doesn't live in London, has never lived in London, and merely pops over once or twice a month to keep up appearances.

If you want to avoid paying tax, live in Monaco. It's mere minutes from Italy.

[breakaway]

In all the documentaries etc that I've seen, he seems like a down to earth bloke. Good on him :niceone:

[James Deuce]

If he was Maori and ripped off the NZ Govt for $NZ65 million, you rednecks and hypocrites would be baying for blood.

He was stupid to ever be in the potition of having to pay that much, stupid to keep up the facade of living in London for so long after he was rumbled and double stupid not to have just moved to Monaco like every Motorsport celebrity does as soon as they are making big money.

[Badjelly]

In all the documentaries etc that I've seen, he seems like a down to earth bloke. Good on him :niceone:

Somewhere on www.crash.net last year (probably the Mike Nicks column) I remember reading that it had been his custom (until the tax avoidance thing came up) to chat with a group of journalists at the end of each day in a very frank way about how the bike was going, how he'd been approaching the course, stuff like that. The only things off bounds were money and his private life. So, like you say, good on him.

[denill]

<a href=http://www.cyclenews.com/ShowStory.asp?HeadlineID=11873>Cycle News update on the fastest tax evader in the world:</A>