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The Ministry of Finance proceeds to the return the final tax measure with the goal being to collect revenue of around 850 million Euros. This time the final tax concerns: 

- Over 500,000 taxpayers who have received notification to comply with the provision in 2010 but have not done so. Now is the last chance for them to complete their unchecked annual financial statements before tax authorities check them with express procedures. 

- Freelancers, who have personal property for over 400,000 euros, companies on the stock exchange, companies with a turnover exceeding 20 million Euros but under 40 million Euros which were not included in the original provision. 

With article 18 from the provision of the Ministry of Finance, introduced yesterday in Parliament, come into force the provisions for final taxation in cases of outstanding tax issues from the period 2000-2009. It is noted that the 2010 provision confirmed are revenues of 2 billion Euros.

Specifically the bill provides as follows: 

Before the beginning of the inspection a note issued for the taxes due on the final taxation that is sent to the taxpayer. 

The merchant has five days available to accept it. If he accepts it, he shall be subject to final taxation without audit. Otherwise, a fast audit will take place. 

The same note for due taxes can be given by the taxpayer himself until October 31, 2011 

The procedure for verification of duties and made payments is determined by ministerial decision. 

The bill provides also: 

Favorable settlement for those who have "forgotten" to submit declarations of income tax, VAT, transfer tax on property, inheritances, gifts and more until the financial year 2010. Taxpayers have the opportunity to settle their tax liabilities with the state under favorable conditions with regard to the imposition of sanctions. This settlement is done with declarations by the end of next month from the enactment of this bill and payment of tax due. 

Those who obey the provision are exempt from the imposition of additional tax, provided that the one payment is done, while if the tax is paid in installments, an additional tax of 10 percent is imposed for cases in which tax liability was incurred by 31 December 2009 and 3 percent for cases in which tax liability was incurred before the enactment of this provision. 

Income tax for legal entities shall be paid once with submission of declaration, and for individuals on 6 installments, each of which cannot be less than 300 Euros. 

Final tax is applied on yachts, which are not characterized as for professional but for private use and to collect 300 million euros. Yacht owners have the opportunity to apply for inclusion in the provision until September 30, 2011 and within 2 months to pay the VAT corresponding to the yacht and the taxes on fuel supplies, exempt from the final tax. 

Moreover, by decision of the Minister of Finance assigned to private firms (audit firms, law firms or consortia thereof) to study the establishment of property of debtors or co-debtors for repayment of arrears. Also invited are all Ministry of Finance mechanisms to provide data obtained under a contract to support the tax mechanism. 

From August, 1

Obvious crime for debtors who owe over 5000 euros to the state 

Penalties for debtors to the state become extremely strict from August 1^st. As of next month all taxpayers with liabilities over 5000 euros to the state, provided that they were overdue by March 31, when the law was enacted to combat tax evasion,  will be charged with crime and will be detained. 

Provision 3.3943/2011 comes into effect with the circular of the Secretary of tax and customs matters Giorgos Kapeleris, which provides legal proceedings for debtors whose obligations were overdue by March 31, 2011 and have not been settled within four months, i.e. from then until August, 1. 

The crime of not paying arrears is considered permanent and therefore clearly a crime with a duration period of 4 months from the payment delay of the debt until one third of the prescribed period of limitation of the crime is done, which is 5 years. E.g. making 20 months for obligations up to 150,000 Euros or 5 years for liabilities over € 150,000. The act may not be punishable if the amount of the debt is paid before the beginning of the case. 

Proceedings relate to: 

Debtors from 5,001 Euros to 10,000 Euros, regardless of the time when obligations have become overdue. 

Debtors of more than 10,000 Euros, even if by 31.03.2011, overdue obligations have not passed 4 months—in other words, no crime was committed. 

For arrears of up to 5,000 euros are not subject to legal actions, while those who owe the state more than 5,000 euros, shall be punished with: 

Up to 1 year in prison for arrears of 5,001 to 10,000 euros. 
Minimum six months imprisonment for arrears of 10,001 to 50,000 euros. 
Minimum 1 year in prison for arrears of 50,001 to 150,000 euros. 
Minimum 3 years in prison for arrears of 150,001 euros and up.