Friday, November 21, 2008

This Week's IRS "Hall of Shame" Inductee: Fernando Botero

The Colombian painter and Italy resident is being charged by Italian authorities of withholding nearly $9 million dollars in profit over the past five years. However, Botero holds that he does not have to pay this tax due to living in Monaco, a tax haven.

The discrepancy because arises his artwork is produced entirely by companies and foundries in Italy. These companies then distribute the work to galleries worldwide. Between 2003 and 2008, authorities allege Botero should have declared earnings.

Botero's comment? His Italian tax position will be cleared up soon.

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