Taxpayers are chumps, European edition

The Telegraph reports:

Members of the European Parliament are earning up to £1 million in profit in just one five-year term in office through expenses and allowances, a leaked report has revealed. . . The internal report into the system of allowances – conducted by Robert Galvin, a European Union internal audit official – was kept secret when it was carried out last year.

But a leaked copy of the 92-page document details the full extent of “corruption, dodgy dealing and poor financial controls” in the European Parliament, according to the Taxpayers’ Alliance. It revealed that some MEPs claimed money for assistants that were neither accredited nor registered with the parliament. . .

Mr Elliott said each MEP could save more than £1 million from their expenses and pension benefits over a five-year term at the European Parliament.

Over five years, each MEP can claim this includes a subsistence allowance of 117,000 Euros, staff allowance of 489,840 Euros, office expenses of 243,120 Euros, travel expenses of 60,000 Euros and an accrued pension of £350,000.

This does not include the MEP salary of £63,291, which is set to increase to £73,584 after the European Parliament elections in June 2009.

There was also widespread failure to comply with tax, company and social security laws. Nearly 80 per cent of transactions that should have been subject to VAT displayed no evidence of either VAT payment or exemption.

(Via Power Line.)

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