Armani To Pay $373 Million To Settle Tax Dispute
Giorgio Armani is the latest luxury fashion house to face the Italian tax authorities. The Agenzia delle Entrate– Italy’s Internal Revenue Services– claimed that the Giorgio Armani Group did not pay enough income tax on three of their companies in 2009. To settle their debt, the fashion house has decided to pay the back taxes. According to Women’s Wear Daily, a company spokesman confirmed that “the Giorgio Armani Group has agreed to pay a total of 270 million euros, or $373 million at current exchange rates, to Italy’s internal revenue service.”
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