10% isn't a myth, it's the max allowed. Most would be ~5%
"European Union member states must also grant type approval to vehicles meeting similar EU standards. The ones covering speedometers [5] [6][7] are similar to the UNECE regulation in that they specify that:
The indicated speed must never be less than the actual speed, i.e. it should not be possible to inadvertently speed because of an incorrect speedometer reading.
The indicated speed must not be more than 110 percent of the true speed plus 4 km/h at specified test speeds. For example, at 80 km/h, the indicated speed must be no more than 92 km/h.
The standards specify both the limits on accuracy and many of the details of how it should be measured during the approvals process, for example that the test measurements should be made (for most vehicles) at 40, 80 and 120 km/h, and at a particular ambient temperature. There are slight differences between the different standards, for example in the minimum accuracy of the equipment measuring the true speed of the vehicle.
The UNECE regulation relaxes the requirements for vehicles mass produced following type approval. The upper limit on indicated speed is increased to 110 percent plus 6 km/h for cars, buses, trucks and similar vehicles, and 110 percent plus 8 km/h for two or three wheeled vehicles which have a maximum speed above 50 km/h (or a cylinder capacity, if powered by a heat engine, of more than 50 cc). European Union Directive 2000/7/EC, which relates to two and three wheeled vehicles, provides similar slightly relaxed limits in production. "
