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Greek Government Nails Tax Cheats

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As we previously detailed, Greek authorities use Google Earth to find out who in Athens swanky suburbs have undeclared swimming pools, villas, and properties. These tactics have already revealed that the suburbs didn't have 324 swimming pools, as was reported, but rather 16,974.

Now the Greek government has unveiled another unusual strategy: its watching the nation’s yacht and racing boat facilities to monitor who takes the boat out for a spin.

According to one Greek government official: “Our samples show the majority of power-boat owners last year declared incomes of less than €40,000… an amount that would barely cover their cost of fuel.”

In other words, Dennis Gartman of The Gartman Letter notes this morning, Greek boat owners declared less income than the cost of running their boats!

“They were cheating on every front and it was obviously to one and all that they were doing exactly that,” Gartman writes. “Deficits matter and the deficit has forced government there to take action against the tax cheaters and avoiders that had become endemic.”
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