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OUCH
:shock

Valentino Rossi's tax saga appears to be on its way to some sort of conclusion. Rossi and the Italian tax authorities are trying to work out a deal and Rossi is no longer making fun of the situation; he's said that if it is decided he owes back taxes that he will pay them.
Hopefully he has the funds to do so.
While an international superstar like Rossi, one of the highest paid racers in the world, earns several tens of millions every year, one can only wonder if he has enough in his checking account to pay a 'worst case scenario' tax bill.
The amount that the Italian tax authorities feel that Rossi owes? A jaw-dropping 120 million Euro (or in today's global economy: an eyeballs rolling in head like a juiced slot machine $175 million US dollars).
 

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how do they figure that? if he makes 10 mil a year and say 20 years even. that's still more than 50%? Unless he makes 10mil racing and another 50mil or more doing ads and shit in Europe?
 

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I'll bet with endorsements he 30 mil a year. I read he's in the top 10 highest paid athletes in the world so he's got to be in the 30 mil range.

F*CK the tax man Rossi...head over here and I'll let you hide out at my place. I'll rent you my basement for 2 mil a year.
 

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TrackStar1 said:
I'll bet with endorsements he 30 mil a year. I read he's in the top 10 highest paid athletes in the world so he's got to be in the 30 mil range.

F*CK the tax man Rossi...head over here and I'll let you hide out at my place. I'll rent you my basement for 2 mil a year.
lol
 

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120 mil is still a huge hit...hopefully they will decide he doesn't need to pay that much. I just can't see how there is a mistake for that much. Say he owes them 20%, I mean did he really make .5 billion? That just seems a bit far fetched to me anyway...
 

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he is one of the higher paid athletes due to endoresement deals. And I agree with Corey, a bit farfetched to owe that much...my only thinking is fines and other things on top of what he owes. But thats still a shitload of $$$.
 

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just think..even if that's 50% of his income...how many billionares are there in the world? that's 1/4 bil to earn if he's being fined 50%. I don't buy it...I mean I remember a few years back that schoemaker was the highest paid athlete with like 20mil a year or something? i'm sure endorsements on top of that make them earn tons more, but still...i think they are smoking crack to honestly expect him to pay that much...
 

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motomummy said:
just think..even if that's 50% of his income...how many billionares are there in the world? that's 1/4 bil to earn if he's being fined 50%. I don't buy it...I mean I remember a few years back that schoemaker was the highest paid athlete with like 20mil a year or something? i'm sure endorsements on top of that make them earn tons more, but still...i think they are smoking crack to honestly expect him to pay that much...
i think jordan in his prime was the highest paid and he was "only" pulling in around 50m-60m/year. 25m was from his yearly salary and the rest was from "Jordan" brand everything
. Hell even in "retirement" he makes a lot more than active athletes.
 

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TrackStar1 said:
I'll bet with endorsements he 30 mil a year. I read he's in the top 10 highest paid athletes in the world so he's got to be in the 30 mil range.

F*CK the tax man Rossi...head over here and I'll let you hide out at my place. I'll rent you my basement for 2 mil a year.
lil gay are we?
 

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Valentino Rossi pays €19 million (US$27.6 million) to settle tax dispute.

PESARO, Italy: Seven-time motorcycling world champion Valentino Rossi paid about €19 million (US$27.6 million) Tuesday to settle a dispute with Italian tax authorities, news reports said.
The figure could rise to €35 million (US$50.9 million) when his 2005-06 earnings are also taken into consideration, the ANSA news agency reported.

"I'm much more serene now. Everything is much clearer, and I can concentrate on my work," Rossi said in a televised news conference after exiting the tax agency in his hometown.
Italy's tax agency announced in August that it was investigating Rossi - the country's highest paid athlete - for possible undeclared earnings of €60 million (US$87.3 million) from 2000-04.
The agency said Rossi, who has been a British resident since 2000, allegedly did not declare revenues from sponsors and his team to either British or Italian authorities during that period.
http://www.iht.com/articles/2008/02/17/sports/soccereuro17.php



Rossi has said his accountants assured him that he had complied with the law.
"I reached a fork in the road," Rossi said. "I could have fought this - and I could have won or lost - but it would have taken a very long time."
Rossi added that he has decided to live in Italy again.
"London is a very interesting city, but spending more time with my family and my friends has become of greater importance considering all my affairs around the world," Rossi said, adding that he would declare his taxes for 2007 in Italy.

http://www.iht.com/articles/ap/2008/02/12/sports/EU-SPT-MOT-Rossi-Taxes.php
 
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