Exotic Car Owners Targeted in Italy

[Ed Sims]

I just read in today's New York Times that the Italian government is trying to crack down on tax evaders. Italy has the fifth highest overall individual income tax rates in the world but weird tax laws also. One of their new ideas on how to catch tax evaders is to have traffic check points. Anyone driving an exotic or high-end car has their license & registration copied to check with their tax returns. No kidding. There are a lot of tax evaders in Italy but there has to be a better way than car profiling. The cost of used & new exotics has dropped in Italy because of the exotic car "witch hunt.". The chairman of Ferrari, Luca Cordero di Montezemolo, says "I don't like the fact that someone who owns a Ferrari is automatically considered a tax evader!"

Ed

http://www.autoguide.com/auto-news/2012/02/italian-government-targets-tax-evading-luxury-car-owners.html

 

[BlackICE]

Its going to kill high end car sales! Who wants to get hassled for driving?

 

[enrico]

running a lambo is 7k per year + a guaranteed visit from IRS... no wonder people are selling! doesn't affect only exotics tho... a land rover will guarantee you a visit as well, who knows... we might see Lada Riva sales picking up :-D

 

[HUBBSTER]

Ferrari, Lambo, Pagani etc must be lobbying to stop this crap

Cant be good for business

On the + side I wouldnt mind finding a Murcielago SV cheap

 

[enrico]

they will definitely lobby but so far it is only impacting italy... which is not the lion share of their business! ...btw it gets worse if you dare to own a boat, you have to pay taxes upon the first refueling of the year and it is in the tens of thousands!! as usual from one extreme to the other, you start from institutionalized tax evasion and end up with a witch hunt...

btw the secret is power to weight ratio (taxes are on absolute hp)... buy an atom or caterham!!!

 

[HUBBSTER]

Shame, Italy is such a beautiful country

 

[Fast Freddy]

good luck finding and taxing my Gold. it's buried in the Grand Canyon....

 

[2112]

just fork it over, they want their freaking money.

 

[HHGT]

There is a reason why some businesses owners choose to depreciate Ford, Chevy & Dodge only. Tax authorities employ software analysis tools that search "Dirty Word" dictionaries amongst the use of other forensics. After smart computer programs (written by intellects of course) spit out targeted reports, then the "Human Resource" takes over to justify their employment. God knows we have an abundance of challenged human beings available to spread fairness.

Of course if one does not explore business write-offs, then one has less to worry about.

Confucius signing off.....

 

[djs]

I don't know about gold, but I see a lot of brass there Freddy! By the way, where can you buy .50 BMG loads these days? Gotta keep that Ma Duece happy!

 

[Ed Sims]

If I can find that a FGT was stopped in Italy can we move this thread back to General Discussion?

Ed