ECONOMY

Confiscation of undeclared assets abroad

Tax declarations will be more complicated from next year as taxpayers will have to declare all of their assets, including real estate, investments, mobile properties etc. The government hopes this will allow authorities to ascertain how able taxpayers are to pay their dues and help in the battle against tax evasion.

The new tax declaration will be a detailed statement of properties and assets, also including deposits and other savings belonging to taxpayers in Greece and abroad. All taxpayers under the jurisdiction of the Greek tax system will authorize the state through their tax declaration to confiscate any deposits, investment products, corporate holdings etc located abroad and not declared to Greek tax authorities.

Confiscation will only be withdrawn if it is proved that these assets or funds abroad are the product of a positive balance in the tax statement.