Monday, March 8, 2021

Football Leaks is back. Gestifute passed invoices to Monaco without VAT

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A Gestifute charged Monaco several VAT-free commissions on deals involving Falcao, Coentrão and Fabinho. The Irish tax authorities noticed and was relentless.

Almost three years have passed since the latest revelations of the Football Leaks, the project created by Rui Pinto continues to provide cloth for sleeves. Rui Pinto shared a series of documents with two journalists from the German magazine Der Spiegel, who consequently shared them with a consortium of investigative journalists, the European Investigative Collaborations (EIC).

Gestifute, by Jorge Mendes, is again one of those targeted. The company sent several tax-free invoices to Monaco regarding the business of players like Radamel Falcao, Fábio Coentrão and Fabinho, writes the weekly Expresso.

2016 e 2017 a Gestifute charged Monaco several VAT-free commissions. Thus, in the face of an invoice of 276 thousand euros, the Monegasque emblem transferred the entire amount to a Gestifute International account at Allied Irish Banks.

The same procedure occurred again: on September 30, 2016, in relation to Fabinho’s business, in the amount of 90 thousand euros; on September 30, 2017, again in the Brazilian agreement, in the amount of 75 thousand euros; and on July 3, 2017, through the intermediation of the Radamel Falcao contract, whose commission was worth 560 thousand euros.

The Irish tax administration stumbled on these invoices with 0% VAT and forced Jorge Mendes’ company to pay VAT at 23% regarding services provided to Monaco.

As such, later, in April 2018, Gestifute sent new invoices demanding from Monegasques the payment of an additional 365 thousand euros.

“Due to the size, scale and complexity of Gestifute International Limited, which is considered a large company by the tax administration here in Ireland, part of its normal business activity includes interactions with the tax authority in relation to tax matters. The company recently had a conversation with the authorities regarding compliance with VAT rules, ”reads the letter sent to Monaco.

Football Leaks documents also revealed that the Real Madrid will have accepted to receive 200 million euros through two companies based in a tax haven in the Cayman Islands. The club merengue he will have continued with the business even with the notion that he might have problems with the Spanish tax authorities, writes the Observer.

Daniel Costa Daniel Costa, ZAP //

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Football Leaks is back.  Gestifute passed invoices to Monaco without VAT