ECONOMY

Finance Ministry threatens debtors with seizure of assets in bid to collect dues

The Finance Ministry is to send notices to taxpayers and businesses that owe the government money, threatening them with confiscation of assets if they do not arrange to pay their debt.

Some 60 billion euros in unpaid taxes and social security contributions is owed to the state. The ministry’s notices will inform recipients that if they do not arrange a payment plan within 20 days of receiving the letter, their assets will be seized. This will apply to those who owe more than 10,000 euros.

Greece’s main social security fund, IKA, expects to collect this year 3 billion euros of the 8 billion it is owed.