Tax evasion – ATO Ogratuit http://atoogratuit.com/ Mon, 19 Sep 2022 22:58:41 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://atoogratuit.com/wp-content/uploads/2021/06/icon-5-150x150.png Tax evasion – ATO Ogratuit http://atoogratuit.com/ 32 32 Former Chicago Ald. Michele Smith’s successor is Timmy Knudsen https://atoogratuit.com/former-chicago-ald-michele-smiths-successor-is-timmy-knudsen/ Mon, 19 Sep 2022 22:36:00 +0000 https://atoogratuit.com/former-chicago-ald-michele-smiths-successor-is-timmy-knudsen/ Mayor Lori Lightfoot has named Timmy Knudsen, chairman of the Zoning Board of Appeals, as alderman for the 43rd Ward. If approved by City Council, which is expected to vote on the nomination this week, Knudsen would replace Ald. Michele Smith. The neighborhood, which includes most of Lincoln Park, has been without a councilman since […]]]>

Mayor Lori Lightfoot has named Timmy Knudsen, chairman of the Zoning Board of Appeals, as alderman for the 43rd Ward.

If approved by City Council, which is expected to vote on the nomination this week, Knudsen would replace Ald. Michele Smith. The neighborhood, which includes most of Lincoln Park, has been without a councilman since August, when Smith unexpectedly retired.

Knudsen is a graduate of the University of Illinois College of Law who worked for law firm Croke Fairchild Morgan & Beres on venture capital and cryptocurrency matters before taking time off to pursue the position. . Knudsen is a longtime Lightfoot supporter and donated to her campaign in 2019.

“Timmy Knudsen has distinguished himself as an outstanding leader in the 43rd Ward community,” Lightfoot said in a Monday statement confirming the nomination. “His passion for connecting with his neighbors and fostering hope, energy and opportunity for the residents of Chicago places him in a unique position to serve as Alderman. Timmy is deeply connected to the needs of 43rd Precinct residents and has the skills to communicate effectively, draw on the expertise of trusted egoless messengers, and encourage civic engagement.

The statement said that in addition to providing legal advice to startups and investors, Knudsen founded a pro bono program at his company, which represents LGBTQ asylum seekers in Chicago and Tijuana, Mexico.

“As I have done throughout my legal career, my public service chairing the Chicago Zoning Board of Appeals, and my time as a grassroots organizer, I will be an advocate and consensus builder as an alderman. . I bring a passion for private sector results to public service and am honored to have a new way to give back to the community I call home,” Knudsen said in the release.

If that’s not a household name, Knudsen might be a familiar face: He was featured on the TV show “House Hunters” while renovating his Lincoln Park condo in 2018.

“People I work with in local politics have definitely seen the episode, especially here because they see it’s a Chicago episode and they’ll want to watch it,” he told the Tribune in 2020. He also applied to appear. on the competitive reality show “The Amazing Race,” but that the producers went in a different direction.

Smith was in his third term and joins more than a dozen board members who have left or are not seeking re-election next year. Knudsen, if confirmed, would serve the remainder of Smith’s term but would have to run for re-election in February to retain the seat.

It would be Lightfoot’s third alderman appointment in six months.

In June, Lightfoot selected the outgoing 24th Ward Ald. Michael Scott’s sister, Monique Scott, to replace him out of 18 other candidates.

Michael Scott quit city council to take a job in the private sector at the Cinespace film studio. Soon after, he became Lightfoot’s choice for a seat on the Chicago Board of Education. The Scotts’ father, Michael Scott Sr., was Mayor Richard M. Daley’s cable commissioner and later chairman of the Park District Council and the Chicago School Board.

In March, the mayor selected Nicole Lee, a United Airlines executive, to serve as alderman for the 11th Ward. Lee, the first Asian American woman to serve on the Chicago City Council, replaced Patrick Daley Thompson after he was convicted of tax evasion in February and lying to banking regulators. Lee’s father is Gene Lee, a former assistant to Daley.

Former mayors have had their share of politically connected and family-related nominations: Rahm Emanuel nominated Deb Mell to succeed his father, Dick Mell, as alderman for the 33rd Ward in 2013. Mayor Richard Mr Daley has appointed Carrie Austin as her husband. , Lemuel Austin, served as Alderman for the 34th District and also appointed Margaret Laurino to succeed her father, Anthony, as Alderman for the 39th District.

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Drastic reduction in expenditure and increase in revenue thanks to progressive taxation crucial for fiscal consolidation | Print edition https://atoogratuit.com/drastic-reduction-in-expenditure-and-increase-in-revenue-thanks-to-progressive-taxation-crucial-for-fiscal-consolidation-print-edition/ Sun, 18 Sep 2022 00:51:13 +0000 https://atoogratuit.com/drastic-reduction-in-expenditure-and-increase-in-revenue-thanks-to-progressive-taxation-crucial-for-fiscal-consolidation-print-edition/ Views) : The immediate reduction of the budget deficit and its progressive reduction in the coming years are essential for the economic recovery of the island. It must be achieved both by reducing expenditure and increasing revenue through progressive taxation. Fiscal consolidation Minimizing the budget deficit is crucial for economic stability and growth. For many […]]]>

Views) :

The immediate reduction of the budget deficit and its progressive reduction in the coming years are essential for the economic recovery of the island. It must be achieved both by reducing expenditure and increasing revenue through progressive taxation.

Fiscal consolidation

Minimizing the budget deficit is crucial for economic stability and growth. For many years, the country spent more than its income and these deficits had to be financed by internal and external debt.

Budget deficit

The budget deficit which is currently estimated at 13% of GDP needs to be drastically reduced, a difficult task. It is not an easy task. There are enormous difficulties and significant changes to be undertaken to reduce expenditures and increase revenues.

Such fiscal consolidation is a difficult and challenging task for the government. The budget deficit must be reduced from the current 12% of GDP to around 5% of GDP over the next three years through drastic cuts in public spending and an effective system of progressive taxation.

Strategy

Reducing the budget deficit must go through a dual strategy of improving revenue, on the one hand, and drastically reducing expenditure, on the other. Both strategies are politically unpopular and administratively difficult.

Solve

The government has signaled its willingness to undertake a program of fiscal reform. However, he focused mainly on increasing tax revenue rather than reducing public spending in the interim budget.

Spent

While revenue to GDP is only 8% of GDP, expenditure is estimated at over 20% of GDP. The revenue collected is in fact insufficient to cover even the expenses of salaries, pensions and debt repayment.

Defense expenditure

Distortions and prioritization of public spending are reckless and unproductive. For example, defense spending is the single largest item in the budget and exceeds the proportion spent by many developed countries with large defense needs! Surprisingly, defense spending increased after the three-decade war.

Consequences

This means that other essential expenditures that should be increased to improve the quality of services, such as research, health and education, are deprived of adequate resources. A reform of the structure of public expenditure is necessary. Bold political decisions, difficult but imperative, must be made.

Revenue

Government revenues have gradually declined and represent only 8% of GDP. This is almost the lowest revenue collection rate in the world. Only two countries are at a lower level: Zimbabwe and Bangladesh.

Taxation

Several drastic changes need to be implemented to increase personal and corporate taxes. The income tax threshold has been reduced from a high exemption level of Rs. Two million to Rs. 1.2 million per annum in the interim budget for 2022. However, even this would be insufficient due of widespread tax evasion and evasion.

Tax evasion

There are few taxpayers in the country. Many high-income earners pay little income tax. Income taxes come mainly from public sector and corporate employees and a few professionals who underestimate their income. Some of the highest earners are tax evaders.

Indirect taxes

Obtaining their dues directly is an almost impossible task. It is therefore imperative that indirect taxes that hit the consumption of the rich be adopted. Taxing what the rich own or consume is the pragmatic way forward.

Conspicuous consumption

Expenditure taxes on the conspicuous spending of the wealthy, higher property taxes, increased registration fees, especially on high-value vehicles and other conspicuous consumption, must be put in place to ensure that the wealthy who avoid direct income taxes bear the tax burden.

Not practical

In this context of tax evasion, the establishment of a conventional method of obtaining their tax contributions is impractical and ineffective in its implementation. This is certainly not possible immediately.

It is therefore imperative to adopt indirect taxes that hit the consumption of the rich. Large increases in taxes on property, on luxury consumer items, registration fees on motor cars and other conspicuous consumption should be implemented. A system of taxing expenditures that are the responsibility of the rich and the affluent should be put in place.

Much of the necessary increase in revenue must be sought through direct and indirect taxes, the incidence of which falls on the rich and the well-to-do.

Past reluctance

Either way, the country’s tax history demonstrates a reluctance of successive governments to impose such taxes. There was only a short period in the country’s history when efforts were made to introduce such taxes in the second half of the 1950s.

Much of the necessary increase in revenue must be sought through direct and indirect taxes, the incidence of which falls on the rich and the well-to-do. One way or another, successive governments have hesitated to impose such taxes.

Conclusion

The gradual reduction of budget deficits is imperative for the recovery, recovery and development of the economy. The IMF would insist on a fiscal consolidation program for the Extended Financing Facility (EFF) grant of $2.9 billion over the next four years. Will the government be able to drastically cut spending and sharply increase revenue? If we fail, the country’s economic prospects are bleak.

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Switzerland suspends exchange of tax information with Russia as war in Ukraine continues https://atoogratuit.com/switzerland-suspends-exchange-of-tax-information-with-russia-as-war-in-ukraine-continues/ Fri, 16 Sep 2022 13:48:45 +0000 https://atoogratuit.com/switzerland-suspends-exchange-of-tax-information-with-russia-as-war-in-ukraine-continues/ NEW YORK, NEW YORK – SEPTEMBER 07: Under-Secretary-General for Human Rights Ilze Brands Kehris speaks virtually during a United Nations Security Council meeting to discuss the war in Ukraine at United Nations Headquarters United Nations on September 07, 2022 in New York. The ambassadors to the United States and Albania have hosted a meeting of […]]]>

Switzerland is suspending exchanges of tax information with Russia to prevent the “inappropriate” use of sensitive information as the war in Ukraine continues, the Swiss Federal Council said in a statement on Friday.

“Due to the unclear and uncertain situation in the context of Russia’s military aggression against Ukraine, there is no guarantee that the sensitive information to be exchanged will not be used inappropriately,” a doorman told CNN. – word of the State Secretariat for International Finance.

“The suspension is not a sanction, but a measure to protect local and foreign taxpayers,” the spokesperson added.

Switzerland “reacts in the same way as, for example, all member states of the European Union, the United States, Canada and the United Kingdom,” the spokesperson said.

According to the council’s website, tax authorities exchange information – for example, on financial accounts and tax rulings – “to increase transparency and prevent cross-border tax avoidance”.

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EMS owner accused | News24 https://atoogratuit.com/ems-owner-accused-news24/ Wed, 14 Sep 2022 04:01:45 +0000 https://atoogratuit.com/ems-owner-accused-news24/ An ambulance from Buthelezi EMS Ambulances (Pty) Ltd for which the Free State Department of Health had offered a multi-million dollar contract to transport patients in the province for the period of 2015 to 2019.Photo: Teboho Setena Owner of controversial ambulance company Buthelezi EMS, which reportedly benefited from a lucrative R1bn deal with the Free […]]]>

An ambulance from Buthelezi EMS Ambulances (Pty) Ltd for which the Free State Department of Health had offered a multi-million dollar contract to transport patients in the province for the period of 2015 to 2019.Photo: Teboho Setena

Owner of controversial ambulance company Buthelezi EMS, which reportedly benefited from a lucrative R1bn deal with the Free State’s Department of Health, faces charges of tax evasion and fraud .

This case arose out of a thorough investigation by the South African Revenue Service (Sars) after it uncovered the filing of false tax returns between 2014 and 2019.

Thapelo Buthelezi (43), together with his wife, Monica Buthelezi (41), and accountant, Nkosana Sekobane (42), appeared in Bloemfontein Magistrates’ Court on September 1, representing two companies managed by Buthelezi: Buthelezi EMS (Pty) Ltd and B EMS Close Corporation.

Phaladi Shuping, provincial spokesperson for the National Prosecuting Authority (NPA), said they collectively face 95 charges ranging from fraud to contravention of the Tax Administration Act and failure to submit the corporate income tax. They each got bail of R30,000 and the case was adjourned to February 23, 2023.

The state alleges that they unlawfully and with the intent to defraud Sars made false statements to Sars between 2014 and 2019 when submitting corporate tax returns.

Shuping said investigations found that the companies’ trading activities were misrepresented by claiming that the companies were not trading and submitting no returns.

“The companies did business with the Free State Department of Health and were paid around R1 billion for providing emergency medical services. Sars realized the claims were fraudulent and suffered actual damage of R132 million. The money had to be paid with their tax return, Shuping said.

According to Shuping, Sars has so far recovered around R100 million of the money in question.

“They’ve arranged with the bank that any money given to the companies will go to Sars instead,” Shuping explained.

The Buthelezi EMS ceased operations in the province at the end of 2018 following enactment in the Official newspaper for the investigation of controversial contracts awarded by the Provincial Ministry of Health by the Special Investigation Unit (SIU), during Dr. Benny Malakoane’s tenure as MEC of Health.

The DA took the matter to Public Protector Busisiwe Mkhwebane on July 3, 2018 for investigation. The insolvent department had supply contracts with Mediosa, Halo Aviation, and Buthelezi EMS to transport patients. The DA lamented the controversial deal which severely crippled the department financially. During Buthelezi’s tenure, the department’s ambulances were not fully operational and workers were idle. The private company’s fleet of 48 ambulances charged the department R6.5 million per month, against the department’s budget of R148 million.

A similar agreement has been reached with the North West Department of Health.

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No help needed with 15% exports, tax-to-GDP ratio: Miftah Ismail https://atoogratuit.com/no-help-needed-with-15-exports-tax-to-gdp-ratio-miftah-ismail/ Sat, 10 Sep 2022 18:27:47 +0000 https://atoogratuit.com/no-help-needed-with-15-exports-tax-to-gdp-ratio-miftah-ismail/ LAHORE: Federal Finance and Revenue Minister Miftah Ismail said on Saturday that if Pakistan increases its tax to GDP ratio and exports to GDP ratio by up to 15%, the government would not have need to seek help from the world. Addressing the business community here at the Lahore Chamber of Commerce and Industry (LCCI), […]]]>

LAHORE: Federal Finance and Revenue Minister Miftah Ismail said on Saturday that if Pakistan increases its tax to GDP ratio and exports to GDP ratio by up to 15%, the government would not have need to seek help from the world.

Addressing the business community here at the Lahore Chamber of Commerce and Industry (LCCI), he said that currently the tax to GDP ratio stands at 9.5%. Pakistan’s exports were US$31 billion while imports were US$80 billion. No country can afford such a large trade deficit, so we must control unnecessary imports, he added.

Miftah Ismail said that the government ensures the provision of 100% facilitation to the export-oriented industry with the aim of improving the country’s overall exports.

Federal Board of Revenue (FBR) Chairman Asim Ahmad, LCCI Chairman Mian Nauman Kabir, Senior Vice Chairman Mian Rehman Aziz Chan and Vice Chairman Haris Ateeq, former board and executive committee members were also in attendance, while State Bank of Pakistan (SBP) Governor Jameel Ahmad attended the meeting via Zoom.

The finance minister said that when the government came to power in April 2022, there was a serious threat of default as foreign exchange reserves were at US$10.5 billion while US$36 billion was needed to repayment of debt and other expenses, therefore a difficult decision, based on the realities on the ground. , were needed to avoid the default. He said that no international financial institution lends to countries that do not have three months of foreign exchange reserves.

On the removal of subsidies on petroleum products and electricity, he said, it was an IMF condition and was necessary to get Pakistan’s economy back on track. He said Pakistan’s default risk had evaporated due to tough decisions such as higher energy prices and reduced imports, which reduced demand for foreign currency. He said that currently, taxes of Rs 7.5 per liter and Rs 37.5 per liter were imposed on diesel and petrol respectively.

Miftah said unfortunately the industry could not grow at a pace which was necessary added that power generation doubled from 13,000 MW to 25,000 MW in 2013-2018 but industrial production did not not increased enough to consume this energy and increase the country’s exports.

He said the unit production cost of the Jamshoro power plant was Rs 59 which rises to Rs 78 after passing on to consumers. Miftah said the government only passed on the cost of fuel and LNG to consumers.

The Minister of Finance directed President FBR and Governor SBP to consider the suggestions presented by the LCCI and create an enabling business environment. He had asked the leading men to hold meetings with representatives of LCCI.

Miftah Ismail said estimates of flood damage amounted to US$18.5 billion. He mentioned that 6,500 km of roads, 246 bridges, 1.7 million houses were destroyed. One million animals died and 1,300 people lost their lives in the natural disaster. All the cotton in Sindh had been destroyed and had to be imported and two-thirds of the rice crop had also been destroyed.

He said the government alone could not overcome such huge losses due to floods and torrential rains in the country, so the wealthy and affluent people especially industrialists and businessmen especially from Karachi, Lahore, Faisalabad, Sialkot, Rawalpindi and other major cities are expected to come forward to help and support those affected by the floods.

LCCI Chairman Mian Nauman Kabir said that due to the economic uncertainty, the private sector is facing many problems, rising production costs for industry, manufacturing and agriculture, as they relied heavily on imports of raw materials, components, machinery, oil, foodstuffs and fertilizers, etc.

Regarding the SBP’s request for prior approval for the importation of machinery under Chapters 84 and 85, he said that the holding of shipping documents by commercial banks has a negative impact on business operations and also resulted in undue demurrage charges due to delays in obtaining the required approval.

He also pointed to the issue of demurrage charges which were seriously hurting the business community, saying the matter was still pending and needed to be addressed as a matter of priority. Any decision to waive demurrage must be applied at all levels, including private shipping companies, he demanded.

The LCCI Chairman said the Ministry of Finance should take concrete steps to permanently address the long-standing problem of the misuse of tax exemptions by FATA/PATA-based industries, which has led to a strong tax evasion. Once these exemptions expire in June 2023, they should not be renewed.

He said that following their continuous complaints, the concerned authorities informed them that strict measures were being taken against the banks for exploiting the business community to demand 10 to 15 rupees in addition to the dollar interbank rate for the release of documents. import.

Mian Nauman Kabir said LCCI should be represented on the various boards under the Ministry of Finance. To reduce reliance on textiles, he recommended giving special tax incentives to other potential export sectors of the economy, e.g. halal food, IT, pharmaceuticals and engineering, etc sectors.

LCCI Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq said exports to potential markets like Africa, Central Asia, Iran and Russia cannot be increased due to lack of banking channels and other alternative arrangements such as barter. SBP and other competent authorities should be requested to take special measures in this regard.

Mian Nauman Kabir said Pakistan desperately needs to improve the export competitiveness of its SME sector. The main issue to be addressed was the problem of insufficient access to finance for SMEs, as their share in credit to the private sector was less than 6%. Better supervision of the SBP should be ensured on commercial banks and oblige them to create more financial space for SMEs.

He said the tax base was still around three million taxpayers, translating to one of the lowest tax-to-GDP ratios in the world. Industry bore the heavy burden of taxes while the contribution of agriculture and services in tax collection was not proportional to their share in GDP. Broadening the tax base to various sectors of the economy, especially services and agriculture, was the only way forward.

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US extends anti-tax evasion investigation into Vietnamese stainless steel plates https://atoogratuit.com/us-extends-anti-tax-evasion-investigation-into-vietnamese-stainless-steel-plates/ Fri, 09 Sep 2022 05:02:11 +0000 https://atoogratuit.com/us-extends-anti-tax-evasion-investigation-into-vietnamese-stainless-steel-plates/ As a result, the review will last until January 4 next year. The DOC initiated the product investigation (belt and strapping) on ​​May 15, 2020. Specifically, the Department investigated issues related to the scope investigation to determine whether stainless steel sheet products manufactured in China, then processed in Vietnam before being exported to the United […]]]>

As a result, the review will last until January 4 next year.

The DOC initiated the product investigation (belt and strapping) on ​​May 15, 2020.

Specifically, the Department investigated issues related to the scope investigation to determine whether stainless steel sheet products manufactured in China, then processed in Vietnam before being exported to the United States are subject to the tax or not; and the anti-circumvention behavior of Vietnamese companies.

The stainless steel plate (belt and strip) investigation was conducted as part of the DOC’s own investigation, not based on submissions from other third parties, including US domestic industries.

The MoIT said that since February 2017, the DOC has imposed anti-dumping and anti-subsidy duties on stainless steel products (HS code classes 7219 and 7220) originating in China with an anti-dumping duty rate of 63.86 to 76.64 % and anti-subsidy duties. rights from 75.60% to 190.71%. Meanwhile, the US import duty rate applied to stainless steel plate from Vietnam is 0%.

Recently, on May 5, 2022, the DOC announced the extension of the deadline for publication of the final conclusions of its investigation until September 6, 2022. This is the fourth time that the United States has announced an extension of the period of investigation. .

In order to safeguard the legitimate interests of Vietnamese exporters, stakeholders were urged to closely monitor the case and update the United States’ anti-tax evasion regulations, orders and investigation procedures. United.

Export companies should cooperate with goodwill and provide sufficient information to investigative agencies, as well as work closely with the Ministry of Information Technology to receive timely assistance./.

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WATCH: Bentley “stolen”, Bulgarian embassy, ​​Sindh government and tax evasion – Pakistan https://atoogratuit.com/watch-bentley-stolen-bulgarian-embassy-sindh-government-and-tax-evasion-pakistan/ Wed, 07 Sep 2022 06:09:11 +0000 https://atoogratuit.com/watch-bentley-stolen-bulgarian-embassy-sindh-government-and-tax-evasion-pakistan/ The Bulgarian Embassy on Tuesday asked the Foreign Ministry to de-register the alleged ‘Bentley stolen from UK’ which was recovered by Pakistani customs over the weekend from a house of the wealthy Karachi Defense Housing Authority. In its letter to the Foreign Ministry, the Bulgarian Embassy claimed that it was not in possession of the […]]]>

The Bulgarian Embassy on Tuesday asked the Foreign Ministry to de-register the alleged ‘Bentley stolen from UK’ which was recovered by Pakistani customs over the weekend from a house of the wealthy Karachi Defense Housing Authority.

In its letter to the Foreign Ministry, the Bulgarian Embassy claimed that it was not in possession of the car and feared it was being misused for illegal activity.

The car was ordered by a former Bulgarian ambassador to Pakistan in November 2019 and was cleared at the port through documents provided by the foreign embassy.

It is relevant to mention that diplomats are allowed to order duty-free vehicles. Vehicles can be used duty free until diplomats serve in the home country.

This luxury vehicle was purchased in Pakistan based on a 6021 exemption certificate.

According to sources, any vehicle purchased by a foreign ambassador is assigned a special number. Similarly, the Bentley was assigned CD-09-13. These vehicles cannot be driven by anyone other than the Ambassador himself.

However, this car was sold later.

The Ministry of Foreign Affairs had written to Pakistan Customs, a copy of which is available with SAMAATVin which he confirmed that the car had been imported into the country and registered as a diplomatic vehicle.

However, the ministry clarified that it was never asked to write off the vehicle and that no authorization was sought for its sale.

In the letter, MoFa instructed customs to conduct an operation to recover the stolen vehicle.

The Foreign Office said Bulgaria’s current ambassador to Pakistan had distanced himself from the stolen Bentley, saying “he doesn’t have the car and its registration should be cancelled.”

The MoFa had instructed Deputy Collector Customs Enforcement Karachi to retrieve the car after which a raid was carried out on the house where the vehicle was parked.

It is now clear that the car was brought to Pakistan legally and cleared through diplomatic assistance.

The Sindh Excise and Tax Department registered the luxury car in the name of the former Bulgarian ambassador despite the Bentley having already been given a number earlier when it was imported.

The question that now arises is that by what right was a foreign diplomat registered in the local tax system.

Customs also named the Sindh Excise Department in the first recorded information report for the case.

The value of the car is more than 0.5 million dollars in the international market, or at least 120 million Pakistani rupees. The duty of the car after arriving in Pakistan is based on 300 million rupees.

Currently, the car is in the possession of Pakistan Customs.

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Soru indicted for the bankruptcy of Unità – English https://atoogratuit.com/soru-indicted-for-the-bankruptcy-of-unita-english/ Mon, 05 Sep 2022 13:38:00 +0000 https://atoogratuit.com/soru-indicted-for-the-bankruptcy-of-unita-english/ (ANSA) – ROME, SEPTEMBER 5 – Billionaire businessman and former governor of Sardinia Renato Soru was charged on Monday with the 2014 bankruptcy of the former communist daily Unità. Soru, 65, was put on trial from February 13 next year. He and others are accused of bankruptcy by raising funds and dissipating. Soru was an […]]]>

(ANSA) – ROME, SEPTEMBER 5 – Billionaire businessman and former governor of Sardinia Renato Soru was charged on Monday with the 2014 bankruptcy of the former communist daily Unità.

Soru, 65, was put on trial from February 13 next year.

He and others are accused of bankruptcy by raising funds and dissipating.

Soru was an associate of the former internal body of the once powerful Italian Communist Party (PCI) from 2008 to 2015.

Sarde-boen Soru is the founder of Cagliari-based internet services company Tiscali.

In 2001, Forbes listed Soru among the richest people in the world, with a net worth of over $4 billion (US) as of September of that year.

Sour served as the centre-left governor of his native island from 2004 until his resignation in 2008.

He made another run for office the following year, but was defeated by a centre-right candidate.

On May 5, 2016, Soru was sentenced to three years in prison for tax evasion of an amount of approximately 2.6 million euros and related to a loan granted by the company Andalas Ldt to Tiscali.

The sentence was overturned by the Italian Court of Appeal on May 8, 2017, with a full acquittal.

l’Unità was founded as the official newspaper of the PCI in 1924. It supported the successor parties of this party, the Left Democratic Party, the Left Democrats and, from October 2007 until its closure, the current Democratic Party (PD).

The newspaper closed on July 31, 2014.

It was restarted on June 30, 2015, but stopped again on June 3, 2017. (ANSA).

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