Greece braces for the toughest week in its euro history
…The Greek government, under huge international pressure to wring every possible cent out of its woefully leaky tax system, has rounded on the country’s wealthy residents and demanded they pay their dues, making the rich nervy and in some cases even driving fearful mariners away from the harbour.
In recent months teams of tax collectors have been making spot checks on luxury yachts and upmarket beach clubs in a desperate attempt to boost state revenues and stave off default. They target the marinas as a way of investigating the tax returns of their self-employed residents.
High-earning Greeks have been buying expensive yachts which they claim are for a tourist charter business, for which there are large tax incentives. They then declare much of their professional income as if from that business, enabling them to pocket it free of tax.