Famous fashion designer Domenico Dolce and Stefano Gabbana were handed a suspended prison sentence of one year and eight months for hiding over one billion Euros, according the media. This order was given by the Milan, Italy court. Dolce and Gabbana were initially investigated in 2008 for selling their brand to Luxembourg-based holding company Gado in 2004 to avoid declaring taxes on royalties of about 1 billion Euros ($1.3 billion). Rumors say the two will be appealing the court’s decision, but as of now they are looking at some prison time.
If you are in some tax trouble and you may need to get your tax affairs in order before it gets as bad as it is for Dolce and Gabbana, you can call the Law Offices of Michael H. Raichelson to find relief in all your tax resolution needs.