Right as Domenico Dolce and Stefano Gabbana become billionaires, they’re forced to succumb a chunk of their fortune to the Italian government due to a tax evasion case that had been reported on earlier this year.
According to WWD, Italy’s Tax Commission is reportedly fining the two designers 343.4 euros, or $440.2 million at current exchange rates, plus interest, for their alleged tax evasion case.
Dolce and Gabbana have been accused of omitting earning declarations related to the 2004 sale of the Dolce & Gabbana and D&G brands to the designers’ Luxembourg-based holding company, Gado Srl.
Dolce and Gabbana reportedly moved the majority of their wealth to Luxembourg, which is a well-known tax haven, with the intentions of avoiding higher corporate taxes in their home country.
The designers still deny all charges.
Ally | Elite.
Photo Credit: Getty Images