Charles Polidano, known more famously as ic-Caqnu, struck a deal with government tax authorities to acquire a huge discount on his €40 million tax bill. The taxes – some of which pending since 1990s – were cut from €40 million to less than €10 million. Times of Malta reported the news on Wednesday and stated that sources claimed the original tax bill would have ‘crippled’ the construction magnate ‘beyond repair.’
Most of Polidano’s wealth was acquired through property – even though parts of it are subject to administrative or legal proceedings. Polidano managed to rack up €700,000 in daily fines through works at Montekristo, prompting the Planning Authority to halt illegal works at the Estates.
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Photo Source: tvm.com.mt