What is even less clear if they could be convinced to turn in the convicted terrorist for less than half that. As one Facebook wit has pointed out with some back-of-the envelope calculations, over 65% of the reward would find its way back to state coffers via the eye-watering taxes levied on Greeks these days.
Specifically:
Reward for the capture of one (1) escaped terrorist: 4,000,000 euros
Taxes that apply:
- VAT 23%
- Income Tax: 42%
- Emergency Solidarity tax 4%
- Luxury Tax: 10%
After VAT has been deducted 3,080,000 euros is left. This is subject to an additional 56% tax.
Total net profit: a mere 1.72 million euros
But wait there’s more. According to Greek tax law individuals are required to amass receipts worth 25% of their income (in this case 770,000 euros) in a measure to combat tax evasion. This would have to be spent to avoid being classed as a tax evader, leaving less than a million euros (to be taxed again next year) and with the government gaining another 177,100 euros in VAT.
And of course the state reserves the right to pay the 4 million reward only when it is convenient, with any outstanding amount subject to a 6% interest rate. In contrast if the informant delays payment of any of the above taxes it is a criminal offence punishable by a prison sentence and/or fines starting from 1,000 euros with an 8% interest rate on outstanding debts.
So in short if you have information regarding the whereabouts of Christodoulos Xiros do let it be known. Just make sure that you get a good accountant first or you might end up sharing a cell.
Total net profit: a mere 1.72 million euros
But wait there’s more. According to Greek tax law individuals are required to amass receipts worth 25% of their income (in this case 770,000 euros) in a measure to combat tax evasion. This would have to be spent to avoid being classed as a tax evader, leaving less than a million euros (to be taxed again next year) and with the government gaining another 177,100 euros in VAT.
And of course the state reserves the right to pay the 4 million reward only when it is convenient, with any outstanding amount subject to a 6% interest rate. In contrast if the informant delays payment of any of the above taxes it is a criminal offence punishable by a prison sentence and/or fines starting from 1,000 euros with an 8% interest rate on outstanding debts.
So in short if you have information regarding the whereabouts of Christodoulos Xiros do let it be known. Just make sure that you get a good accountant first or you might end up sharing a cell.
nick 
Posts
