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Tuesday, 12 February 2008 |
Valentino Rossi must pay a huge tax bill in Italy
MotoGP motorbike rider Valentino Rossi has confirmed an agreement to pay over 19m euros (£26m) in unpaid taxes to the Italian tax office.
The sum he has to pay apparently is to cover the tax years 2001 to 2004, and could still go up further to as much as 35m euros when Valentino Rossi 's earnings for 2005-06 are taken into consideration.
Italian officials started investigating former motorcycling world champion Valentino Rossi after tax evasion allegations had been made following his move to London in 2000.
Valentino Rossi said he was relieved to have reached an agreement with the authorities and he said: "I'm very happy with the way this difficult affair has turned out because I think I will be calmer now and that will help me to concentrate on my work."
Valentino Rossi explained that he had decided to move back to Italy and this would be difficult if he owed all that tax.
"I could not return if I had problems with the Italian tax authorities. I could not allow this to drag on either. I've come to an agreement with the tax agency which will allow me to return calm and ready ahead of the new season," Valentino Rossi added.
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Last Updated ( Thursday, 14 February 2008 )
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Motor Sports 
