Thief Told To Pay £200,000 Tax On Haul

[Jimbo551]

Thief told to pay £200,000 tax on haul

Daily Telegraph 12 August 2006

An Italian thief who stole more than a million euros from a vault has been asked to pay £200,000 tax on his takings.

He is the first person to be hit with a new law introduced at the end of last month which states that money gained from theft or fraud are taxable.

His lawyer, Giancarlo Massari, said yesterday his client was "disconsolate".

Antonio Perrone, 38, who has the bespectacled appearance of a mild-mannered bank clerk, carried out the heist two years ago in the northern town of Bolzano.

He had been working for TFA, a security company that specialises in transporting money and jewellery.

During a night shift, he smuggled bundles of €500 (£345) notes into the lavatories, where he used tape to stick them to his body.

At the end of the night he walked from the vault without a rucksack or briefcase.

The €500 banknotes, one of the world's highest value notes, are commonly nicknamed bin Ladens, because everyone knows they are around but no one has ever seen one.

Perrone fled to Thailand and was captured a month later as he tried to renew his visa.

He was convicted of the theft of €1.3 million (£875,000) and sentenced to four and a half years in prison. Two of his co-workers were found guilty of helping him.

In an attempt to reduce his sentence, he confessed that he put the money inside a mattress. However, when the police raided his house, they found only half the cash, while €729,000 (£490,000) was missing.

Perrone claims he does not know what happened to the rest, and admitted that he may have spent a lot of it during his month on the run.

Despite his insistence that he does not have the money, Italy's tax office has decided otherwise.

Perrone has been hit with a €300,000 capital gains tax bill and will also have to pay a fine for tax evasion.

[taxexile]

those bin ladens are the banknote of choice for those with money to launder. rarely seen though in everyday transactions.

probably a few floating around in pattaya right now thanks to perrone.

millions can be moved around in relatively small bundles.