BUSINESS

State prepares to launch its asset register

PROKOPIS HATZINIKOLAOU

TAGS: Economy

Greece’s asset register is expected to have launched operations by the end of the first quarter of next year, although not in all areas that it is finally expected to cover. It is destined to include all the properties that each taxpayer owns. Greeks who conceal revenues, properties and other assets of high value will face huge fines if caught out by the authorities.

The Independent Authority for Public Revenue has already begun the process for the hiring of staff or transfer of employees from other departments to the asset register.

The agency will be staffed by people with academic education and tax expertise.

Once fully operational, the asset register will offer the state full access to data on other assets too, such as bars of gold, recreational boats and aircraft, and even cash stashed at home, so it can determine both taxes due and whether each of the 8.5 million taxpayers is actually entitled to various benefits, tax exemptions etc.

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