Galery

1

The Greek government is threatening tax dodgers with draconian penalties. The measures even include confiscation of undeclared property in Greece and abroad. Being cast as the cornerstone of a new reform programme, the combat against tax evasion is the key weapon of the government in its tough negotiations with European partners.

The government’s hopes to bolster revenues and make good on its election promises seem to hinge on its ability to clampdown on tax dodgers.

Tax evasion combating scenarios even include measures as drastic as the confiscation of undeclared assets. Taxpayers will be given a chance to put on the table all their movable and immovable properties. If someone fails to declare an estate or an investment, the Inland Revenue will be entitled to immediately seize it. Essentially, the tax return will be interpreted as a sworn affidavit in respect of income featured in it.

This is what one of SYRIZA’s scenarios envisages:

1. Any change in the property status of a taxpayer must:

• be proven by a valid document
• match the taxpayer’s income as described in his/her tax return
• a property, which fails to meet the above requirements will be levied by additional taxes and penalties, which (for graver tax evasion cases) will even equal the asset’s value.

2. The capital carried over to the following year will be estimated in an annual report.

3. Those who receive income from the state shall sign an affidavit whereby the administration could verify whether there is a match between disclosed assets and declared income.

4. Those who fall under the jurisdiction of the Greek tax system authorize (through their annual tax return) the state to carry out checks on their deposits, investment products or shares in companies overseas, which were not declared to Greek tax authorities. This authority will lapse if the value of these assets corresponds to the positive balance in the tax return.

5. Winnings from lotteries, lotto and any other games can be used to prove asset origin only if the ticket was named at its purchase.

6. Banks, the Hellenic Capital Market Commission and trustees of investment funds are due to inform tax authorities, at the latter’s request and through a special electronic form, about:

• bank deposit balances – on the same day;
• electronic records – within ten days
• non-electronic records – within 30 days

As regards the verification of wealth origin, a special control service is being deliberated. To be efficient, it must have a sufficeint number of employees and up-to-date technical equipment.

The following categories will be subject to specific attention: those who have transferred large amounts of money overseas in recent years, directors and board members of large joint-stock or limited liability companies, contractors on government projects, politicians, journalists, bank and stock exchange employees, senior government officials (ministerial general secretaries, directors, advisors), media owners, proxies in offshore companies, etc.