There must have been someone going around the MotoGP paddock many years back, handing out bad financial advice to any rider they could find, because Loris Capirossi is now the second MotoGP rider (that we here at A&R can think of), that’s been slapped with an income tax evasion fine in the past few years.
Capirex, like Valentino Rossi before him, has found himself on the wrong-end of the law, after losing an appeal to his charge of income tax evasion, and accordingly must pay a €2 million fine for his actions.
Capirossi reportedly was accused of not paying taxes and not disclosing his full income after the veteran rider was found to be truly living in his Italian home of Rilo Terme, and not his disclosed tax haven domicile of Monte Carlo.
Capirex apparently called the Monegasque city his home for tax reasons during 1994, but continued to live in Italy from 1995 thru 1998.
In 2001 Italian tax authorities finally filed charges against Capirossi, and one a ruling in a lower Italian court. Now some nine years later, the judicial system has worked its magic and upheld the lower court’s finding that Capirossi evaded paying income taxes to the Italian government.
The nine year appeal will cost Capirossi an additional €25,000, which is a pretty good deal for the Italian rider, from a financial perspective.