fb

No need to pay tax. Just get a private plane…

It’s human nature that most people would probably prefer to pay less tax. To be honest though taxes need to be paid as without them the government wouldn’t be able to pay for, for example hospitals, schools, the police, infrastructure such as roads and if you’re in Italy then if taxes weren’t paid there wouldn’t be any private planes, parties and yachts for tax collectors.

Hang on a moment. What did that last sentence say?

“Private planes, parties and yachts”.

Yes, that’s right as earlier this week Italian police arrested Giuseppe Saggese, the head of Tributi Italia (Italy Taxes) and he has been accused of stealing some pretty significant amounts of money.

Tributi Italia is an agency based in Genoa that collects taxes for 400 town councils in Italy and as head of the agency Mr Saggese was no doubt earning a pretty good salary.

Unfortunately for the town councils (and in fact, unfortunately for Mr Saggese now that he’s been arrested) it looks like he was tempted to increase his “remuneration” from the job by some illegal methods.

Together with four colleagues Mr Saggese is accused of arranging for some of the taxes to be paid into the other bank accounts rather than the bank accounts of the town councils. The money was then used to pay for private planes, yachts, expensive cars and extravagant parties.

Even after Mr Saggese no doubt attended some pretty impressive parties on some private yachts this wasn’t enough to satisfy him as he is also alleged to have taken Euro 20 million in cash for his own use.

As I said at the start, it’s probably human nature to prefer to pay less tax and I should imagine that the residents of Genoa in Italy will be especially upset knowing that their taxes were spent on private planes and parties rather than hospitals and schools.

Share this entry

Recent articles

View All Articles
Insider Trading: A Cautionary Tale from the Oil Industry
Feb 29, 2024
Title
Insider Trading: A Cautionary Tale from the Oil Industry
Excerpt

In the complex world of finance, insider trading remains one of the most controversial and closely watched issues. […]

Lessons from Kraft Heinz’s Sales Decline
Feb 20, 2024
Title
Lessons from Kraft Heinz’s Sales Decline
Excerpt

In the fast-paced world of business, staying ahead of market trends and consumer preferences is paramount. The recent […]

The strategic rationale behind Uber’s share buyback…
Feb 15, 2024
Title
The strategic rationale behind Uber’s share buyback…
Excerpt

In the realm of corporate finance, decisions regarding share buybacks often spark curiosity and sometimes confusion among investors […]

Adapting to the Digital Age: Lessons from Sky TV
Feb 09, 2024
Title
Adapting to the Digital Age: Lessons from Sky TV
Excerpt

In the ever-evolving landscape of the entertainment industry, adaptability is key to survival. Recently, Sky TV, a prominent […]

EY’s Hybrid Work Insights
Jan 29, 2024
Title
EY’s Hybrid Work Insights
Excerpt

The world of business has seen a significant transformation in recent years, with the COVID-19 pandemic acting as […]

From blades to balance sheets…
Jan 26, 2024
Title
From blades to balance sheets…
Excerpt

Consumer behavior is constantly evolving, and businesses must adapt to these changes to stay relevant and profitable. One […]

Keep it in the family?
Jan 26, 2024
Title
Keep it in the family?
Excerpt

In the world of business, family companies often occupy a unique and intriguing position. They combine the dynamics […]

Benchmarking, football VAR and pilots…
Jan 23, 2024
Title
Benchmarking, football VAR and pilots…
Excerpt

In the ever-evolving world of business, staying ahead of the competition is essential. Companies constantly seek ways to […]