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Taxing time for Ronaldo, and a World Cup horror

REAL Madrid superstar Cristiano Ronaldo has made a multi-million-euro offer to the Spanish Solicitor General’s office in bid to settle a court case against him for alleged tax fraud.

According to sources, the Portuguese player has offered to accept a two-year jail term, which would be suspended, and to pay an 18.8m-euro fine.

The case involves alleged irregularities relating to Ronaldo’s image rights, between the years 2011 and 2014, during which time he is thought to have evaded 14.7m euros in taxes.

The news broke just hours before skipper Ronaldo starred with a hat-trick in the 3-3 draw against Spain in their opening World Cup match in Russia.

Meanwhile, Ronaldo is still licking his wounds after Portugal’s shock, last-16 defeat by Uruguay in the initial knockout stage.

As far as it is known, the Spanish Tax Agency is yet to accept his latest proposal, and there are ongoing discussions about how big a sum he should be fined.

The Tax Agency is demanding 30m euros because The Madrid prosecutor running the case has accused Ronaldo of taking advantage of a corporate structure, created in 2010.

In March this year, a previous offer from the player was rejected by the Spanish tax authorities. Sources close to the investigation describing a meeting with Ronaldo several months ago as “very unsatisfactory”.

No wonder, because he was said to have offered an “insignificant amount” of around “four or five” million euros.

The Tax Agency rejected the offer and, instead, opted to press on with its criminal proceedings against the former Manchester United icon.

The Madrid prosecutor in charge of the case has accused Ronaldo of taking advantage of a corporate structure created in 2010, the year after he was signed by Real Madrid from United, to conceal income generated in Spain from image rights.

That was, the prosecutor argued, a “voluntary” and “conscious” failure to meet his tax obligations in Spain.

Ronaldo is accused of four tax offences, one for each of the tax years in which he is allegedly to have committed fraud.

The company which handled Ronaldo’s image rights is called Tollin Associates LTD, based in the British Virgin Islands, which are a tax haven.

That company granted the exploitation of the rights to another firm, Multisports&Image Management Ltd, which is based in Ireland.

And it was this latter business, the prosecutor says, which managed and exploited the rights without the Virgin Islands’ company being involved.

Last summer, Ronaldo, who appeared before a judge in Pozuelo, the town outside Madrid where he lives, denied having hidden income from his image rights.

According to the prosecutor, though, these are valued at 59.9m euros, and are liable to taxes of 14.7m. But that will hardly make a dent in the superstar’s fortune.

 

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Posted by on Jul 5 2018. Filed under Sport. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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