ECONOMY

Undeclared assets may be confiscated

The government is planning stiff penalties for tax dodgers, which could even include the confiscation of assets in Greece and abroad that have not been declared to authorities.

Combatting tax evasion constitutes the government’s main argument in negotiations with its European partners, as it tries to persuade them that a crackdown on dodgers could form the central pillar of a new program of reforms.

At the same time, containing tax evasion is the biggest challenge for the SYRIZA-led administration as it is the very source of revenues the government has pinned its hopes on in order to increase state takings and implement promises made to voters.

Among the possible tools being considered in the battle against tax dodging is the confiscation of undeclared property assets, after taxpayers are given an opportunity to declare their entire assets at the Property Register (“Periousiologio”).

This would mean that if a taxpayer fails to declare to the Property Register a real estate asset or an investment product, tax authorities will be able to confiscate them immediately.

In practical terms, the annual income tax statement will also become an official declaration of the incomes included on it.