HipHopWired Featured Video

Dolce and Gabbana Tax Evasion Charges

Fashion designers and business partners  Domenico Dolce and Stefano Gabbana have been indicted on tax-evasion charges.

According to WWD, Dolce and Gabbana  each allegedly owe 416 million euros, or $569 million.

The designers are expected to  settle out of court and  pay a fine or the case will go to trial in Milan and they’ll risk owing up to $1 billion and could possibly spend up to  three years in prison.

The designers are  accused of setting up a holdings company in Luxembourg in order to evade high Italian taxes.

Dolce and Gabbana said in a 2009 statement,

“It’s a paradox! Since when does one have to pay taxes on money one never actually collected.  It’s an absurd demand based on a completely abstract calculation. This higher taxable sum is a virtual figure we have never received, the result of a theoretical accounting exercise.”

The fashion duo now await a preliminary hearing date.

More Hip-Hop Wired News

Common Hosts 2010 National Christmas Tree Lighting Ceremony ‎

Richard Seymour Fined $25,000 Dollars For Punching Ben Roethlisberger [Video]