Dolce & Gabbana fined $441 million for tax evasion

April 03, 2013 03:24

Italy's Tax Commission has fined fashion designers Domenico Dolce and Stefano Gabbana 343.4 million euros ($441 million) for tax evasion.

The decision confirmed to Reuters by Italy's tax agency on Tuesday relates to payments the agency says should have been made when the designers sold their D&G and Dolce & Gabbana brands to their own Luxembourg-based holding company GADO in 2004.

The authorities ruled that the designers engineered the transaction to avoid paying taxes in Italy, where corporate tax rates are among the world's highest.

Dolce and Gabbana, known for their Sicily-inspired style, were not available for comment on Tuesday, though they have repeatedly denied any wrongdoing.

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