The latest initiative by the cash-strapped Greek state to combat tax evasion in the country reportedly foresees a new legal framework to review bank transactions going back as far as 15 years ago.
The latest initiative by the cash-strapped Greek state to combat tax evasion in the country reportedly foresees a new legal framework to review bank transactions going back as far as 15 years ago.
The initiative was leaked after talks between Greek government officials and representatives of the country’s institutional creditors, i.e. the “quartet”.
Currently, the legal framework allows for checks for up to 10 years.
According to news reports from Athens citing an unnamed government source, a tax rate of 30 to 40 percent slapped on undeclared deposits held overseas (by Greek taxpayers) is being proposed, with a discount on the rate only for capital to be reinvested in Greece for property.