BUSINESS

Plan to protect more funds in accounts of paying debtors

PROKOPIS HATZINIKOLAOU

TAGS: Finance

In cooperation with the Hellenic Bank Association, the Independent Authority for Public Revenue intends to raise the amount of money in a debtor’s bank account that will be protected from confiscation if the account holder is consistent in servicing their arrears to the state in late February.

Aiming both to combat the illegal economy and collect expired debts, the tax administration is promoting a plan that will raise the protected amount above the current 1,250-euro threshold, on the condition that the debtor adheres to their payment plans. State debtors will thus gradually be able to regain control of their accounts which have had funds confiscated – including future balances.

The plan, which is in the final stages of preparation, provides for the gradual release of a bank account after it has been seized. IAPR officials say the amount to be released will be three or four times the monthly tranche due to the tax authorities.

After the technical procedures are completed, the tax administration will table its plan to the Finance Ministry, which will then bring the necessary amendments to Parliament.

Meanwhile numerous recommendations have been made to the government to protect farmers’ banks accounts up to the amount of 12,000 euros.

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