BUSINESS

State gets new powers to force payment of debts

By Prokopis Hatzinikolaou

The state is aiming at securing the outstanding debts of taxpayers and corporations by confiscating salaries, pensions, real estate, deposits and securities.

According to the manual issued by the Finance Ministry, confiscations can be made provided their amount exceeds 1,000 euros per month after compulsory charges are deducted, while the remainder cannot be under 1,000 euros. Confiscation will also apply to benefits paid by the state and to properties held by third parties (such as banks).

The measure does not concern people with debts up to 300 euros, or those with debts from traffic fines and to local authorities. Also exempt are taxpayers who have already arranged for the settlement of their debt through installments or those who benefit from legal clauses in their favor.

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