Ċaqnu Gets Substantial Discount On €40 Million Tax Bill
Construction magnate Charles Polidano has reached a deal with local tax authorities that will see a pending €40 million tax bill he has substantially reduced.
The Times of Malta reported this morning that Polidano, known as Iċ-Ċaqnu, will see his outstanding tax bill reduced to less than €10 million, which will be paid in regular installments.
According to the paper, the agreement will see Polidano setting off some of his tax arrears against work done for state entities for which he has not yet been paid, as well as properties handed over to the government.
The agreement was reached following a series with Finance Ministry officials. The unpaid taxes stretch back to the mid-1990s.
Last November, Infrastructure Malta said it had blacklisted Polidano from getting more road contracts until he paid his massive tax bill. It later emerged that Ċaqnu’s companies were still bidding for projects.
In January, the construction magnate was also fined €22,000 by a court for breaches of animal welfare laws at his Montekristo Estate.
Polidano’s company was also responsible for the construction of the now-defective Ċirkewwa passenger terminal, in which deficiencies in materials provided and workmanship had been detected. This included the grade of concrete supplied for the project.
Infrastructure Malta confirmed with Lovin Malta back in January that an out-of-court settlement had been reached with Polidano for his company to carry out €200,000 worth of work to repair the terminal, while also being awarded €200,000 to carry out “additional upgrades”.
Polidano was also arrested last month after he was accused of threatening, using force against a female companion and revenge porn.
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