ECONOMY

Inspections to intensify as revenues lag

A shortfall in January state revenues amounting to some 1 billion euros, according to officials at the General Accounting Office, has seen the Finance Ministry rallying the tax collection mechanism in an effort to cover the budget gap.

When last month’s 1-billion-euro hole is added to tax revenue losses of 1.3 billion euros from 2014, the revenue shortfall for the 2015 budget already stands at 2.3 billion euros.

This has prompted General Secretary for Public Revenues Katerina Savvaidou to meet with the directors of all major monitoring authorities and with officials at the central tax collection agency. Savvaidou outlined new targets for inspections this year and a new operation plan.

A similar meeting took place last week at the headquarters of the Financial Crimes Squad, with the Finance Ministry planning to return tax inspections to this squad’s jurisdiction as soon as possible.