Mercoledì, 17 Ottobre 2018

Italian metal company probed for '120-mn-euro tax evasion'


Rome, June 10 - A leading Italian company in the
lead- and zinc-working sectors is being probed for allegedly
evading more than 120 million euros in taxes, investigators said
on Monday.
Finance police in the province of Rome believe that the
metal company, which belongs to a Swiss holding company, padded
tax deductions over a period of years by inflating the cost of
primary materials bought from within the group, thus shifting
taxable revenues toward territories with a lower tax burden.
The Italian subsidiary aroused the suspicions of finance
police in Rome because it has never declared a profit - only
substantial losses - despite its importance on an international
level and profits reported by its Swiss parent.
An analysis of the company's commercial transactions with
its Swiss parent revealed that the Italian company allegedly
acquired primary materials from across the border - but within
the same corporate group - at prices well above market rate.
Investigators found the company's reported results were
inconsistent with the company's real functions within the group
and risks assumed in Italy.
The Italian company in question has manufacturing
facilities in a depressed mining and metal-production zone in
southwest Sardinia called the Sulcis-Inglesiente basin.

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