ECONOMY

Additional burden on taxpayers

More than 2.5 million taxpayers will be affected by the new measures to calculate incomes through property and possessions, detailed in a circular by the Finance Ministry.

The measures, intended to beat tax evasion, are also certain to seriously affect all who declare their entire income and particularly those who have lost their jobs or receive low salaries and pensions.

Property and possessions such as houses, cars, boats and so on will be considered proof of undeclared income. Their value will be calculated at 33 percent more on average and will be added to that which has already been declared. The drop of the tax-free ceiling for 2011 from 12,000 euros to just 5,000 will mean the measure will affect millions of people.

Meanwhile, the Cabinet on Thursday decided to postpone by three months the application of the capital gains tax concerning stock transactions on the bourse.

The Financial Crimes Squad, meanwhile, which has been fighting its own battle against tax evasion, has in recent weeks arrested 50 people owing in excess of 150,000 euros apiece, fetching the state coffers over 5.4 million euros.