Home / Auto News / News article: Italian Tax Evasion Crackdown Causes Sales Slump for Ferrari, Maserati - AutoGuide.com News
 |  Apr 20 2012, 4:15 PM

Profiling isn’t something you would necessarily picture happening to the sort of person who drives a Ferrari, but in Italy that is quickly becoming the case.

It used to be that wealthy Italians would often purchase exotic sports cars — often of the variety made in their home country, though that’s becoming less likely as the Italian government cracks down on tax fraud.

Sales of Ferrari and Maserati are down 51.5% and 70% respectively in the first quarter of 2012, and the main reason cited for this sales slump is the Italian governments crack down on those who have been evading tax, according to Reuters.

Italian police are performing tax fraud spot checks on those driving around in supercars, something of huge concern for those who might not be declaring their true income and assets to the government. Prime Minister Mario Monti has also increased taxes on car sales, which is further affecting sales of high-priced items.

“These figures show how the choices made by the government are literally terrorizing potential clients,” Filippo Pavan Bernacchi, chairman of Federauto (a car dealership group) said.

[Source: Reuters]