Valentino Ordered To Pay $44 Million For Tax Evasion

by Terri Potratz | January 16, 2009 at 01:40 pm

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Retired fashion designer Valentino Garavani and his business partner Giancarlo Giammetti have been ordered to pay a $44 million dollar fine (USD) for tax evasion.

They have been charged with not declaring income earned in Italy; Italian law requires that those who earn over half their total revenue within the country must declare those earnings, regardless of whether they actually live in Italy or not.

The 76-year-old Italian designer and Giammetti allegedly avoided declaring their income by moving Valentino's residence outside of the country. He relocated to London over 10 years ago but still maintained business in Italy.

His spokesperson told Women's Wear Daily that he is "highly surprised by the position taken by the Italian authority." He is expected to "take the appropriate action accordingly."