BUSINESS

Checking of Greeks’ cash abroad begins

PROKOPIS HATZINIKOLAOU

TAGS: Taxation

The tax administration now has data concerning Greeks with deposits, dividends, shares and real estate abroad over the last couple of years, in the context of the automatic exchange of information.

The inspectors of the Independent Authority for Public Revenue have been processing the data to establish whether the assets abroad have been declared.

A senior tax administration official says that the process of identification has already been completed – as in most cases the IAPR only receives a name, a surname and a father’s name from foreign authorities – and the second stage, that of checking income, has started: This is where the IAPR examines whether any cash deposited in bank accounts abroad has been declared in Greece and therefore taxed in this country. That process is expected to be completed by the end of the first half of this year, when the first announcements of tax evasion cases are expected.

The third stage will concern the checking of dividends, shares and any other financial products Greeks have abroad. This is a time-consuming process and its results will take some time to be announced.

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