Tuesday, December 6, 2022

New York sues Sotheby’s over unpaid sales taxes By Reuters


© Reuters. A sign marking Sotheby’s headquarters is seen on the Upper East Side of New York City

NEW YORK (Reuters) – New York’s attorney general said on Friday she has sued auction house Sotheby’s for allegedly defrauding the state out of millions of dollars in unpaid sales taxes.

Letitia James accused Sotheby’s of arranging false tax exemption certificates, known as resale certificates, for an art collector and major client though it knew the collector was not eligible for the exemption.

James said the art collector’s company, Porsal Equities Ltd, reached a $10.75 million settlement with the state in Nov. 2018 to resolve tax fraud allegations related to the purchase of more than $50 million of art and other goods.

Sotheby’s did not immediately respond to requests for comment.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Please enter your comment!
Please enter your name here



Related Stories