Italian magnate alleged of tax evasion for BVI-owned yacht

Flavio Briatore, an Italian businessman known as former Renault team principal, is under investigation, being alleged of tax evasion concerning a yacht “Force Blu” rented by him. The yacht is owned by the British Virgin Islands-registered company Autumn Sailing Ltd.; according to news reports, it is also under investigation. 
 
According to Italian tax police, the investigation concerned the unpaid Value Added Tax (VAT) for the yacht and fuel, in the amount of US$6 million (4.8 million Euro). The allegations of businessman are based on the fact that, under Italian tax regulations, if a European Union citizen uses foreign-owned and foreign-flagged vessel in EU waters, he should pay VAT.