Ferrari chair to do community service over tax case
Ferrari's chairman, John Elkann, and two of his siblings have agreed to pay €183 million to settle an Italian inheritance tax dispute. The case centered around the distribution of assets from the estate of Elkann's grandfather, Gianni Agnelli, the former chairman of Fiat. As part of the settlement, Elkann and his siblings will also be required to perform community service. The details of the community service have not been disclosed. The dispute arose over the inheritance tax owed on the transfer of Agnelli's assets to his grandchildren, including Elkann. Italian authorities had alleged that the family had undervalued the assets, resulting in a lower tax payment. The settlement brings an end to the long-running legal battle and allows the Elkann family to move forward without the ongoing uncertainty and potential legal consequences.
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