Mar
13
Modern “Tax Farming,” noticed by George Zachar
March 13, 2007 |
EU Loophole Allows City 'Farmers' to Reap Millions in Subsidy Harvest, by Anthony Browne, Chief Political Correspondent
Auctioneers and brokers who used to sell cattle and farm-land are now focusing their attention on selling the rights to receive European taxpayers' money –known as entitlement trading — in what one described as a "ferocious" market with the rights to subsidies "flying off the shelf".
Demand is outstripping supply by five to one, because the profits from investing in subsidies are up to ten times higher than putting the money in a bank. After making a one-off payment, the investor is entitled to receive from the taxpayer every year a cheque that typically amounts to a third of the original investment.
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