BUSINESS

Polls freeze savings’ seizures over debts

TAGS: Economy, Finance

The elections put the brakes on bank savings confiscations by the tax authorities, according to the Independent Authority for Public Revenue. May data saw a decline to just 6,002 confiscations against 10,673 in May 2018. From the start of the year to the end of May, 43,104 confiscations were carried out.

At the same time the growth rate of expired debts is dropping, as in end-May the year’s overdue tax arrears added up to 2.927 billion euros, an increase of just 235 million compared to April.

IAPR figures reveal that in the year’s first five months, total new debts (not just taxes) came to 3.1 billion, taking the sum of outstanding debts from this and the previous years to 104.2 billion. About 18.5 billion of this is considered uncollectible.

Statistics show that more than half (52.4 percent) of the over 4 million debtors owe up to 500 euros each, while just over 1.5 million debtors owe between 50 and 10,000 euros, down by almost 20,000 debtors compared to a year earlier. Another 254,970 taxpayers owe between 10,000-100,000 euros and 35,202 people owe between 100,000 euros and 1 million euros.
 

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