- New Zealand's Southee to quit Test cricket after England series
- Venezuela opposition activist dies in custody
- N. Korean leader orders 'mass production' of suicide attack drones
- Italy and France lock up Nations League quarter-final spots
- Osimhen strike books Nigeria place at Africa Cup of Nations
- England ignore star absences to sink Greece
- Tonali shoots Italy past Belgium and into Nations League quarter-finals
- Trump names vaccine skeptic RFK to head health dept
- Lebanon economic losses top $5 billion in year of clashes: World Bank
- Sinner cruises past Medvedev to complete perfect ATP Finals group stage
- Nicaragua's Ortega banishes leading Catholic bishop
- Rugby needs Wallaby 'superstar' Suaalii says Wales coach Gatland
- Unbeaten Chiefs visit Buffalo in NFL rivalry showdown
- Biden administration touts record drop in overdose deaths
- 'Proud' new World Rugby chief Robinson vows to unify the sport
- Fed Chair calls US the best-performing major economy in the world
- England boss fears new directive risks rugby turning into Aussie rules
- Brother of late Harrods owner also accused of sexual violence: BBC
- England captain Kane axed for Greece clash after blast at absentee stars
- French Senate rejects bill to ban under-16s from attending bullfights
- Borthwick adamant England focus still sharp as Springboks await
- Martin calls on rival Bagnaia for advice ahead of MotoGP title showdown
- Philadelphia completes lineup for Johnson's Grand Slam meets
- 'Harness the now': British singer Imogen Heap embraces AI
- UN committee says Israel warfare in Gaza 'consistent with genocide'
- Italy wing Capuozzo to miss Georgia game with concussion
- Japan into BJK Cup quarter-finals for first time in 11 years
- MLB Rays to play 2025 season at Yankees facility in Tampa
- China's Xi arrives in Peru for APEC summit, Biden meeting
- British author says space inspired Booker Prize-winning novel
- Spain's Vanguardia daily to stop posting on 'disinformation network' X
- European watchdog partially approves new Alzheimer's drug
- Monitor says militants among 20 killed in Israel strikes on Syria
- New York to revive driver congestion charge plan
- Brazil probes Supreme Court bomb blasts as 'terrorist act'
- Sotheby's to pay $6.25 mln in tax fraud case
- McIlroy shares Dubai lead with Ballesteros mark in sight
- Lebanon army redeployment in south crucial to war solution: UN peacekeeping chief
- Trump fills out cabinet as divisive picks shock Washington
- Son hits 50th South Korea goal in win, Australia-Saudi stalemate
- BHP, Vale cleared by Brazil court over 2015 dam disaster
- Satirical US outlet The Onion buys conspiracy site Infowars
- Scotland must emulate Croatia's 'conveyor belt of talent': Clarke
- Legal migration to OECD reaches new record in 2023
- India's capital shuts all primary schools due to smog
- Central bank independence 'fundamental' for good policy: Fed official
- Fritz beats De Minaur to eye ATP Finals last four, Sinner through
- Doris expecting a 'proper test' against Argentina
- Russia's exiled opposition hopes for rebirth with Berlin rally
- EU fines Meta $840 million for 'abusive' Facebook ad practices
RBGPF | -1.59% | 59.25 | $ | |
CMSD | -0.02% | 24.725 | $ | |
CMSC | -0.24% | 24.55 | $ | |
BCC | -1.57% | 140.35 | $ | |
GSK | -2.09% | 34.39 | $ | |
BTI | 0.2% | 35.49 | $ | |
SCS | -0.75% | 13.27 | $ | |
BP | 1.65% | 29.05 | $ | |
RELX | -0.37% | 45.95 | $ | |
RIO | -0.31% | 60.43 | $ | |
NGG | 0.4% | 62.37 | $ | |
RYCEF | -4.71% | 6.79 | $ | |
JRI | -0.23% | 13.21 | $ | |
BCE | -1.38% | 26.84 | $ | |
AZN | -0.38% | 65.04 | $ | |
VOD | -0.81% | 8.68 | $ |
Sotheby's to pay $6.25 mln in tax fraud case
The auction house Sotheby's will pay $6.25 million to settle charges that it helped art buyers avoid paying taxes.
The office of New York state attorney general Letitia James said Sotheby's, whose headquarters is in New York, helped collectors dodge taxes of tens of millions of dollars in art from 2010 to 2020.
It said the auction house encouraged buyers to state fraudulently that they were acquiring works for resale later. Such acquisitions can be tax-exempt whereas works bought for private use are in fact subject to tax.
Sotheby's defended itself saying these transactions happened "many years ago" and the auction house actually provided evidence that James used to obtain the settlement now being announced.
"Sotheby's admitted no wrongdoing in connection with today's settlement," it said in a statement seen by AFP.
James, who brought the case in 2020, said the tax-dodging clients included one identified as the "Collector" who bought $27 million of artwork from Sotheby's between 2010 and 2015 using tax exemption forms known as resale certificates.
These papers certify that a buyer is exempt from paying sales tax because the purchase is only for resale, not for private enjoyment.
Sotheby's accepted resale certificates from this person even though it knew the works were for private use and in some cases Sotheby's staff even helped this collector display the works in their home, James said in a statement.
"Sotheby's intentionally broke the law to help its clients dodge millions of dollars in taxes, and now they are going to pay for it," James said.
L.Henrique--PC