The Greek government’s plan to attract undeclared income, presumably held as capital either overseas or inside the country, will apparently be accompanied by punitive fines of up to 60 percent, in cases where authorities actually detect and confirm tax evasion.
By G. Kouros
The Greek government’s plan to attract undeclared income, presumably held as capital either overseas or inside the country, will apparently be accompanied by punitive fines of up to 60 percent, in cases where authorities actually detect and confirm tax evasion.
For Greek citizens still under the tax bureau’s “radar”, an upcoming draft bill foresees a stinging 50-percent surcharge for a voluntary disclosure of the capital; a 55-percent fine-cum-tax in cases where an audit has been ordered but not completed.
The draft bill is reportedly in the last stages of drafting and will be submitted to Parliament for ratification in the next three weeks.
A finance ministry official said the Greek government and institutional creditors have found a compromise over the tax rates to be slapped on undeclared capital, ostensibly kept “under the mattress”, safety deposit boxes or even in overseas accounts.