The Autodromo Nazionale Monza SIAS SpA is the company that runs Monza, the home of the Italian Grand Prix. The firm can trace its roots back to 1922 when it was established to run the Autodromo Nazionale, on behalf of the Automobile Club de Milano, which continues to hold 70 percent of the shares. It is presided over by Claudio Viganò and run by Enrico Ferrari, who is also a member of the Formula 1 Commission. The Italian financial police, known as the Guardia di Finanza says it is investigating seven people involved with the operation of the circuit and suspects tax offenses and false invoicing. The police have raided the offices of the track and the homes of Ferrari and others.
Italy has tax offences now? Like, ones they actually prosecute for? Who did Claudio upset?
Must have got drunk and peed over Enrico Cuccia’s grave. Via Lazard, that would be an insult that would offend just about the entire establishment right the way around the world. Doing a database search of connected companies to Mediobanca used to be a long wait.* Basically, tell me Cuccia was never involved in financing this track, and I’ll swoon. He wasn’t much liked. But genuinely feared.
I say sacrificial things should be done. Offerings to the Gods. Like all of Flav’s assets should now be sequestered to pay the bills at Monza.
Do you know the oldest bank in the world is in dire straits now?
http://en.wikipedia.org/wiki/Monte_dei_Paschi_di_Siena
actually that is a lousy useless link, naff all either, on the Italian site. Close to the chest these serious old firms. But you can find plenty more searching non free sources. Or – splutter – a library.
Try this, though:
http://www.reuters.com/article/2012/05/10/italy-montepaschi-foundation-idUSL5E8GA76C20120510
Oh dear, they owe JPM. Bad move. Jamie will have to eat them to cover his CIO desk trade!
Cuccia, on the other hand, boy does he get some copy:
http://it.wikipedia.org/wiki/Enrico_Cuccia
(RC boy understands just enough of that, straight up, to say it’s by far the best quickie. One day I’ll get my ear attuned.)
If he was not buddies with you, frankly you were toast, not so long ago.
*Alpha ES45. Full spec, whopping disk array etc. Now skipping a full post on speculating how Williams’ tech deal with Compaq could have sunk them. Another day.
/ /
Guys, amazing sight, just as writing this: out my window over the olympic area, two Chinook helos doing show off manouvers! Like at 150 feet. Hundred yards from my seat! Scary close to eachother, pirouetting about their own washes. Boy, stuff the athletics, this is as close as you can get without being on duty on a fully op AFB. My school chum flies a Typhoon. (just giggling how hot he’d have been in a F1 car!) S/L last big Gulf game. Might be brass now, but prob still too fit. Sadly, I have only read about him in years. Please drop by, pal! Sorry for the gush. But lifestyle lefties ought to be force fed some books on e.g. the Berlin airlift.
I clearly cannot read Italian. Or skimmed too fast to try to absorb the Cuccia article. (I read a few books on him, long ago) Quite a bit of press lately has said Monte dei Paschi di Siena is the oldest left. (check yer facts, John!) Instead, it appears Banco di San Giorgio survives as the oldest. Right. I’m looking this up, see if they are sound. How the heck did I eff this up? Was tight buddies to the offspring of our (last) oldest bank, growing up. That guy would have a breakdown if you asked him to balance a cheque book. Funniest thing, because I was steeped in that from a child, his dad once expelled my pal from his study to continue talking with me. I think he just wanted someone to talk to using the same words. There wasn’t much meaning. Education is freedom. What are we using this internet thing for? I genuinely thought when I grew up that there was no point in institutions. Not if everyone is smart. Why aren’t we smart, with all this amazing kit at our disposal, even in private life? I happen to be a bit religious. But that alone does not explain it. Try telling anyone Islam never educated the world. Basically, tool up, mentally and every way, and brush away the bigots. In my experience, they are pretty weak. I have had a minor revelation, that politicians do not think they can sell truths, often because they twist themselves into some kind of private hell, and that maybe – just possibly – there are some good actions being done in our governmental names. Maybe it is an advertising thing?
The Finanza have have run several high profile operations already this year (Cotina d’Ampezzo during the ski season for one) with the intention of showing the population that they are on the hunt for undeclared/unpaid taxes (a national pastime in Italy). Given the profile of Formula One (TM?) in Italy I wouldn’t be surprised if this is more of the same.
Tax evasion is rife – every cafe, restaurant, garage, barbershop, whatever is required to give every customer a tax receipt to show that the money they have paid is going through the books (in theory. .. . . .)
It struck me as odd when I bought tickets last year, that they were sold through a Monaco company.
It is perhaps yet another symptom of how CVC drains the cash out of the circus and so race promoters are pushed to come up with desperate measures.
As said in a previous post hunting for undeclared taxes is a national pastime here in Italy. More so now with the economic crisis and all even the barber shop is giving out receipts after a few high profile cases in the recent past.
It’s gone to the extent that even the traffic cops are in the act. How you may ask.. well when they do routine checks on the roadside if they see a new high end car cruising by they stop it and along with license, insurance etc. they also ask for your tax code to check your last tax returns in order to find out if you can afford that car.
Believe me a lot of people are running scared now
As PeeWee says, obviously headline grabbing by going after high profile targets.
It must be a soul destroying job chasing tax in Italy where tax evasion is a national sport, so by raiding places like this they may show they are doing something. They must be a bit like Parking Wardens are portrayed in the UK, universally despised.
My Italian suppliers used to say that everybody kept 3 sets of books, one for the tax man, one for the mafia (in whatever local form they appear) and the real ones.
Taxation in Italy looks a bit more aggressive than in the UK (with it’s loopholes for the rich) in that it is liable on their “worldwide income” if they are even registered as nationals in Italy.
From website http://www.taxrates.cc/html/italy-tax-rates.html the following:
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Oh that seems to have disappeared, it was:
“Resident individuals are subject to a personal income tax, named IRPEF, on their
worldwide income.
Individuals carrying on a business or profession and/or partnerships are liable to IRAP which is not deductible from IRPEF. Non-resident individuals are subject to tax only on their Italian source income.
Individuals are considered resident in Italy if they are registered in the official register of population; their principal place of business and interests is located in Italy; or if they remain in Italy for more than six months in any calendar year.”
Good lord.. tax evasion in Italy as well as Greece ? Whatever next !
A colleague of mine from southern italy said tax evasion is par for the course over there.
Twice we have been to the same, middle of the market hotel, just off the ‘Plaka’ (ancient market place) in Athens and have paid by card, only to be told.. ‘it’s cheaper with cash’ wink wink nudge nudge etc. Loads of doctors and dentists there who officially earn £15k a year, and yet have boats and houses with pools etc..
Back on F1 – I hope this doesn’t effect Monza, we can’t lose yet another ‘old skool’ circuit, that has history, character and atmosphere.
Tax evasion is ubiquitous.
Bet my old landlord is panicing, the offical owner of my apartment was his granddaughter, who was born less than 6 weeks before I started living there.
The old saying ”fiddle while rome burns” springs to mind, no wonder the majority it seems can afford new alfas, ferraris and lambos no one is paying their way.tax loopholes for the rich is bad but for the masses is far worse, no one is in control in italy i see. Monza is an italian national treasure they should’nt ruin it, taxes have to be paid and if monza cant afford eccles demands no more, it will be a sad day for f1 and motorsport as a whole.We cant afford to lose another historic european curcuit to another boring far eastern, goverment funded, no fans in the grandstand track. What is the point, it isnt good from the tv commercial and fans point of view, empty stands means its a failure…..
Off topic: I see that Mazda and Fiat (who own Ferrari) are to form an alliance to make Alfa sports cars (Spider presumably) at Hiroshima. I am old enough to remember the ARNA! Afla was one of my best customers at the time of that vastly overpriced tinny monstrosity. How we all hated every second of it being on sale in the UK. However Mazda have a much better reputation for build quality.
A little Mazda 323F, dialled in right, had for the price of a el cheapo weekend holiday, is a sweet town ride. Think we’re on our 6th or 7th, because we get bored with the colors, and can turn them for profit with some attention. Covers the insurance, gets our hands dirty. But they last made those (the nice looking ones. 2.0 V6) in about ’96. What happened, was any sensible tacho print, say 70K just doubled or even quadrupled in price the other year. My pal says it’s enthusiasts, I say they’re finally wearing out. Somewhere in-between, they’re just simple. For town driving, almost Q-Car (sleeper in USian), properly set up. Cow, have we tested some dogs.
So time to catch up maybe a decade. Bummer is we won’t have a clue how to tweak the new all computer machines. Well, not immediately.
Anyhow, soft spot for Mazda and their efforts to make genuine cars.
Pretty pic, because they ruined the styling so many times you might think we have the worst taste:
http://en.wikipedia.org/wiki/File:Lantis001.jpg