Supercars are a luxury that only a few people in the world can afford. But the flip side to enjoying these exotics is the astronomical amount of taxes you have to pay to afford such fine things in life.

Over in Italy, the country’s official tax police, the Guardia di Finanza, is beginning to crack down on tax evaders, particularly individuals that own super cars but fail to pay the requisite tax dollars commensurate to the price of their lavish vehicles.

In a report filed by Bloomberg, the Guardia di Finanza began the sting operation late last year at the Cortina d’Ampezzo ski resort, where the agency managed to flog 251 super cars, including Ferraris and Lamborghinis, to check whether the owners declared their proper income and were paying due taxes for the kind of posh lifestyle they were living.

Since the first sting operation was done late last year, the Guardia di Finanza has done similar check-ups in a number of other Italian towns, including Rome, Milan, Portofino, and Florence. This crack-down has forced a lot of super car owners who may be guilty of tax evasion to sell their exotics at bargain bin prices in hopes of not getting caught with their hands in the proverbial cookie jar.

Italian officials have pegged an amount of €120 billion being lost as a result of tax evasion - that’s $160 billion in our currency! - prompting the government to step in and reign in all the guilty parties who enjoy the spoils of their fortune without paying the requisite taxes that come along with it.

Let’s face it: if you’re somebody who claims to make, say, €40,000 a year, yet you drive a Ferrari that costs five to six times that amount, then there’s a very big discrepancy there. The lesson, as always, is that if you want to enjoy the luxury of owning a supercar, you better be on the up-and-up when it comes to facing the tax police.

Let us know what you think of the Guardia di Finanza’s sting operation in the comments section below. Will that kind of thing fly over in the States?


Source: Bloomberg

What do you think?
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  (474) posted on 05.24.2012

Tax evaders can’t win on the sight of these police guys. You can’t keep the heat away from the senses of these policemen. 

  (577) posted on 05.23.2012

Part of having a luxury car is the responsibility to pay for its taxes. It’ll double the price if caught that you are not a taxpayer. 

  (619) posted on 04.19.2012

Isn’t it hard to track these people? The police are wise.

  (647) posted on 04.18.2012

It’s sad to see people who don’t recognize their responsibilities. They shouldn’t live only for luxury.

  (528) posted on 04.16.2012

They knew what is imposed yet they still evade it. They should get punished.

  (570) posted on 04.16.2012

What makes these owners think that they can fool the police? They know it’s illegal; besides they have the money, so I think they just have no conscience.

  (399) posted on 03.27.2012

But of course, people are less than willing to spend with their responsibilities. Don’t get me wrong, I’m merely stating what I perceive.

  (449) posted on 03.23.2012

This kind of people doesn’t know how to use their money properly. They usually spend their money on luxury without seeing the limitations.

  (401) posted on 03.22.2012

@ djrandallp I think it’s only a fair share. Besides, the real issue here is the tax evaders. How could they be so stingy when it comes to their responsibility? They only want to waste their money on luxury.

  (19) posted on 03.21.2012

Just because they’ve worked harder than the rest of us to be able to afford such prizes, they should have to pay more taxes? Yea...that makes sense. What I’m also trying to figure out is how the taxes on 251 cars equates to $160B in lost taxes.

  (453) posted on 03.21.2012

Super car owners should really pay taxes. If they can afford such high-priced automotive, it only means they have plenty of money.

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