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Brazilian authorities freeze Neymar's assets after tax evasion

Xinhua, September 26, 2015 Adjust font size:

A Brazilian court has frozen assets belonging to football star Neymar this week, valued at 188.8 million reais (47.6 million U.S. dollars), after the country's tax authority accused the player of avoiding taxes from 2011 to 2013, legal sources revealed on Friday.

According to judicial sources, the assets were blocked on September 11 by judge Carlos Muta of the third district's federal regional court.

Muta accepted the evidence of the tax authority, according to which Neymar avoided paying personal taxes by declaring that the money he made when signing with Barcelona was made by his company instead of as personal taxes.

Furthermore, the judge considered that Neymar did not declare the revenue he made from advertising, his image rights and other contracts signed with Barcelona and other companies between 2011 and 2013.

While the original amount declared to have been evaded in tax payments is 63.6 million reais (16 million U.S. dollars), the frozen amount also reflects a guarantee that Neymar will have to cover the 150 percent fine handed down in cases of tax evasion.

To make up this amount, the court froze numerous assets within holding company Grupo Neymar, such as Neymar Sport and Marketing and N&N Consulting. Personal assets belonging to the player and his parents were also frozen.

Explaining why the assets of the player's family were frozen, Muta also explained that these assets came "exclusively" from Neymar's work.

There has been no response or comment so far from Neymar, his family or his representatives. Endit