Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Egypt signs strategic agreements to attract global investment in gold, mineral exploration    Egypt launches first national workshop on food systems, climate action with UN, global partners    Al-Sisi reviews Egypt's food security, strategic commodity reserves    Syria says it will defend its territory after Israeli strikes in Suwayda    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's gold prices grow on July 13th    CBE's Abdalla attends Arab central bank governors' meeting ahead of Sept summit    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Cristiano Ronaldo denies accusations of tax fraud in Spain
Published in Ahram Online on 13 - 06 - 2017

Soccer star Cristiano Ronaldo denied on Tuesday ever hiding any income from the taxman or committing any tax fraud in Spain, after prosecutors filed a lawsuit accusing him of defrauding tax authorities of 14.7 million euros ($16.5 million).
The prosecutor's office said the Real Madrid forward had knowingly used a business structure created in 2010 to allegedly hide his image rights income in Spain between 2011 and 2014.
This involved a "voluntary" failure to comply with his tax obligations in Spain, the statement from the office's economic crimes section said. The four counts of tax fraud were based on a report from Spain's tax agency, it said in a statement.
Ronaldo denied the accusations through his representatives late on Tuesday.
"There is no tax evasion scheme ... There has never been any hiding nor any intention to hide anything," Gestifute, the agency representing the player, said in a statement.
Gestifute said it would publish documents to show the Portuguese player had not created such a structure and had instead used firms he had owned since his time at Manchester United that both British and Spanish tax authorities had been aware of.
The agency also said the case could relate to different interpretations between the British and Spanish tax systems over where to declare some revenues but would in any case not constitute fraud.
Ronaldo, who led Real Madrid to their 12th European Cup earlier this month, is the latest in a long line of soccer players in Spain - among them Barcelona's Lionel Messi and Neymar - to be caught up in cases over tax or transfers.
Between 2005 and 2010, foreign players in Spain were protected under the so-called "Beckham law" allowing them to curb their taxes. But as the financial crisis bit deeper, that exemption was lifted, paving the way for the cases.
The prosecutor's office alleges that Ronaldo had defrauded the tax authorities of 1.4 million euros in 2011, 1.7 million euros in 2012, 3.2 million euros in 2013 and 8.5 million euros in 2014.
IMAGE RIGHTS
The prosecutor said that after Ronaldo signed a contract to join Real Madrid in December 2008 he ceded his image rights to a company called Tollin Associates Ltd, domiciled in the British Virgin Islands and in which he was the only stakeholder.
Tollin Associates then ceded his image rights to a company in Ireland called Multisports&Image Management Ltd which was responsible for managing them. Tollin Associates itself had no business activity, the statement said.
"Ceding image rights to (Tollin Associates) was completely unnecessary and its only purpose was to create a screen to conceal the totality of his image rights income from the Spanish tax authorities," the statement said.
The prosecutor's office filed the lawsuit against Ronaldo on Tuesday to a court in the Madrid district of Pozuelo de Alarcon.
Ronaldo finished the soccer season scoring two goals in a 4-1 victory over Juventus in the Champions League final to become the tournament's top scorer with a total of 12 goals.
In May, Spain's Supreme Court rejected an appeal by Messi and stood by a Catalan regional court's 21-month prison sentence for defrauding authorities of 4.1 million euros on image rights. He is unlikely to go to prison as under Spanish law sentences under two years can be served under probation.
Spain's High Court last month cleared Neymar of fraud but he still faces a corruption trial in Spain in connection with the value of his 2013 transfer from Santos to Barcelona. He has denied wrongdoing.
(For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.)


Clic here to read the story from its source.