Tax boss accused of €100m fraud

Thu, Oct 4, 2012, 01:00

The head of an Italian tax collection agency and four employees were arrested yesterday on charges of pocketing about €100 million from funds gathered in and spending it on private planes, parties and yachts.

Tributi Italia (Italy Taxes) collected local taxes under contract for 400 councils, but finance police in Genoa said agency boss Giuseppe Saggese siphoned funds into the agency’s own bank accounts.

The cash was used to pay for “private planes, yachts, expensive cars, luxury holidays, extravagant parties and music concerts”, said the force. Saggese himself pocketed at least €20 million, it added. Mario Monti’s government is cracking down on tax evasion. But measures adopted by collection agencies have created resentment. – (Reuters)