Olympic gold provides a nice pocket money, but the Dutch athletes who win a prize in Rio de Janeiro to cede a large part of it to the IRS. The win money is regarded as salary, the Telegraph reported.
Athletes who qualify for participation in the Olympics during that period of service at the NOC * NSF. The prize money is paid by the sports organization and there is therefore income tax payable.
Depending on the income of the athlete may involve a significant amount. Profits funds, 30,000 euros for gold, 22,500 for silver and 15,000 for bronze, can be loaded with 40 to 52 percent income tax. That amounts to 12,000 euros for a gold medal.
Also foreign athletes get the taxman after them when they win. In the United States the prize, as in the Netherlands, seen as income. Here too there is a high tax bracket of nearly 40 percent for many athletes. With five gold medals and one silver medal Michael Phelps may at the end of the ride probably about $ 55,000 to ‘winner load’ tapping out.
In addition to pay the American athletes tax on the value of the coin itself. Here the prices are much lower: a gold medal around 500
British athletes do not get any profit paid money, so they also need to pay tax. Instead, it shows the winners of a gold medal on a postage stamp Royal Mail.
Many large companies such as Coca-Cola, McDonald’s and Visa, who sponsor the Olympics special enough to pay no tax at all. An exemption is valid until the end of 2017, will ensure that virtually all the revenue for these giants are tax free. It applies, for example, the sale and import of products and advertising as long as it has to do with the Olympics.
According to Naomi Fowler Tax Justice Network forcing large companies such schemes off in host countries such events. ,, Every host country must accept that they are a tax haven for these companies, “she told the BBC. Brazil will run millions wrong.
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