Business
Ferrari chair John Elkann to do community service over tax case
The chair of Ferrari and Stellantis has agreed to do one year of community service and jointly pay millions of euros to settle a dispute over inheritance tax in Italy.
John Elkann and his siblings Lapo and Ginerva will pay €183m (£159m) to Italian tax authorities, Italian prosecutors said, according to multiple media reports.
Mr Elkann’s lawyer said the agreement did not include an admission of liability from the Ferrari chair and his siblings.
He said the prosecutors’ decisions were an opportunity to bring “this painful affair to a swift and definitive close”.
Mr Elkann, a member of one of the most powerful families in Italy, is the grandson of Gianni Agnelli, the former boss of Fiat.
The tax dispute relates to the estate of Mr Elkann’s grandmother, Marella Caracciolo, who died in 2019.
Mr Elkann will need to suggest where he could do his community service, which Reuters reported could include helping at a centre for the elderly or a centre helping people with drug addiction.
Paolo Siniscalchi, the Elkanns’ attorney, said in a statement to the BBC: “John Elkann’s request for probation must be viewed in this context and does not entail, just as the settlement with the tax authorities does not, any admission of responsibility.
“If this request is granted, the proceedings against him will be suspended, and upon the successful completion of the probationary period, will conclude with a ruling extinguishing all the charges for which John Elkann is currently under investigation.
“This outcome would mirror that of his siblings Ginevra and Lapo, for whom dismissal of charges has been requested.”
Prosecutors had alleged the Elkann siblings failed to declare roughly €1bn in assets and €248.5m in income, on the basis their grandmother was a Swiss resident.
Prosecutors on Monday accepted the agreement to pay millions, and have asked the judge to drop a criminal case against Mr Elkann’s brother and sister, which was dismissed.
The case stems from a wider dispute between the Elkann siblings and their mother, Margherita Agnelli over the estate of Gianni Agnelli. A civil case is ongoing.
Mr Agnelli died more than 20 years ago after building Fiat up from a small car manufacturer into a major conglomerate.
Ms Agnelli, who inherited €1.2bn euros, has been fighting to overturn agreements she signed in 2004 after her father’s death in an attempt to ensure that money goes to her five children from a second marriage and not to her three eldest.
Ms Agnelli’s lawyers said in a statement that they welcomed the outcome of these tax and criminal proceedings.
Mr Elkann is the oldest of Ms Agnelli’s children. He has been chair of Stellantis since 2021, and became chair of Ferrari in 2018, according to Stellantis.
He first joined Fiat’s board in 1997 and was previously the company’s chair.
A scheme has been launched to compensate victims of the Post Office Capture IT scandal that saw former subpostmasters forced to repay shortfalls.
The Government said those affected can now apply for redress, with those found to be eligible set to receive £10,000 immediately and final awards potentially reaching up to £300,000 after full assessment by an independent panel, or more in certain cases.
The Capture system pre-dated the now infamous Horizon software, which has been responsible for around 1,000 wrongful convictions.
An independent report into faulty accounting system Capture was commissioned last year after subpostmasters said they had suffered similar problems to those faced by the Horizon victims.
The report by forensic accountants Kroll Associates, which concluded there was a reasonable likelihood that Capture – in use at Post Office branches between 1992 and 2000 – created financial shortfalls for postmasters.
In some cases, postmasters resorted to using their own savings to make up the difference.
The scheme will be not be open to postmasters who have criminal convictions related to Capture.
Those who were given criminal convictions must instead go through the Criminal Cases Review Commission, or its Scottish equivalent.
The Government has said it will “ensure that appropriate redress is given” to those where convictions are overturned by the courts.
The compensation scheme will be tested for the first 150 claimants before being rolled out more widely.
Post Office minister Blair McDougall said: “After over two decades of fighting for justice, postmasters and their families will finally receive recognition and recompense for the lives and livelihoods that Capture destroyed.
“I’d like to thank all of those victims who have helped us to design this scheme, allowing us to deliver on our promise of providing redress today.
“We can’t make up for everything they have lost, but today we begin restoring some of the dignity so cruelly taken away by this scandal.”
The Government said the scheme has been designed “hand in hand” with victims, while also taking lessons into account from redress schemes for the Horizon IT Scandal.
So far, more than £1.2 billion has been paid out in compensation to more than 9,000 victims of the Horizon scandal, it added.
New Delhi: The Central Board of Direct Taxes (CBDT) has extended the due dates for filing audit reports and Income Tax Returns (ITR) for the Assessment Year 2025–26, giving major relief to businesses, professionals, and firms whose accounts require auditing.
Earlier, the deadline to submit tax audit reports was October 31, 2025, and the corresponding ITR filing deadline was also October 31, 2025. However, considering technical delays and representations from taxpayers and professionals, the CBDT has now extended both these dates.
As per the latest circular, taxpayers who are required to get their accounts audited under the Income Tax Act, 1961 can now file their audit reports by November 10, 2025, instead of October 31. Consequently, the due date for filing the ITR for such taxpayers has also been pushed to December 10, 2025.
This extension applies to companies, Limited Liability Partnerships (LLPs), and other entities whose books of accounts need to be audited. It also benefits professionals and small businesses who were facing difficulties due to late availability of ITR forms and software utilities.
The government’s decision aims to provide adequate time for taxpayers and auditors to ensure accuracy and compliance while reducing last-minute rush and filing errors. The extension also reflects the government’s understanding of the challenges faced by the accounting community, especially with overlapping deadlines for GST audits and other financial filings.
Tax experts advise taxpayers to make the most of this extension by completing audits early and verifying data consistency between GST, TDS, and income tax returns to avoid discrepancies during assessment.
In summary, the new deadlines are:
Audit Report Filing: November 10, 2025
ITR Filing for Audited Taxpayers: December 10, 2025
Missing these dates could still attract penalties and interest, so taxpayers are urged to file well before the final deadline.
Gold and silver prices have experienced significant fluctuations recently. The US-China trade deal and the strengthening US dollar are the primary factors influencing these movements. Investors tend to reduce their investments in precious metals when market and global geopolitical conditions appear stable, leading to a decline in prices.
On the Multi Commodity Exchange of India (MCX), gold for December fell by Rs 1,546 to Rs 1,21,905 per 10 grams. Last week, which had fewer trading days due to holidays, saw gold prices drop by Rs 3,557 (2.80%). Similarly, silver for December decreased by Rs 1,964 to Rs 1,45,506 per kg.
During the same week, silver prices fell by Rs 9,134. Many traders engaged in transactions involving 12,428 gold bars and 20,367 silver bars. The progress in US-China trade talks has contributed to the declining prices since Friday.
The recent price decline can be attributed to the two-day meeting between US and Chinese leaders in Malaysia. They reportedly reached a consensus on key issues such as export rules and shipping tariffs. As a result, the US-China trade deal and the strong US dollar have diminished the demand for safe-haven assets, leading to a further decline in gold prices.
This week, central banks are expected to make significant decisions regarding interest rates. The US Federal Reserve is likely to cut rates by 0.25%, while the European Central Bank and the Bank of Japan are expected to maintain their current rates. Traders are closely monitoring these developments.
Expert Darshan Desai commented, “We should be prepared for significant fluctuations in the short term. Gold prices may fall further.”
How to Keep Subways and Trains Cool in an Ever Hotter World
Rohit Kansal inaugurates ColorJet pavilion at ITMA Asia Singapore
Tracy Morgan reflects on career and how a devastating crash impacted his life: “You have to cherish it”
-
Fashion1 week agoChinese woman charged over gold theft at Paris Natural History Museum
-
Entertainment1 week agoJohn Grisham unveils his first-ever mystery, “The Widow”
-
Tech1 week agoThis Smart Warming Mug Is Marked Down by $60
-
Fashion1 week agoThe North Face and Cecilie Bahnsen launch second collaboration
-
Tech1 week agoEaster Island’s Moai Statues May Have Walked to Where They Now Stand
-
Tech1 week agoOpenAI has slipped shopping into ChatGPT users’ chats—here’s why that matters
-
Politics4 days agoTrump slams ‘dirty’ Canada despite withdrawal of Reagan ad
-
Fashion1 week agoNew EU strategy proposed to shape global clean, resilient transition