ECONOMY

List of revenue measures drafted

The Finance Ministry is planning measures that will bring in some desperately needed cash, estimated at close to 3.5-4 billion euros over the course of the year. Some of the measures have already been introduced, such as the expired debt settlement programs and the submission of income declarations for previous years.

Among the measures on the drawing board are the declaration of incomes deposited in foreign banks, as well as the processing on favorable terms of 64,000 cases that are still pending in courts.

The ministry is also counting on revenues from actions such as a crackdown on various forms of illegal trading, the abolition of tax exemptions and raising the “luxurious living tax,” as well as the compulsory payment of all tax dues via banks.

The 100-installment debt repayment program is expected to fetch some 600 million euros this year, and a total of up to 9 billion euros in the long term. The processing of the 64,000 tax cases, cutting the fines and penalties of those who pay their original debt by between 33 and 50 percent and dropping their court cases, should bring in some 200 million euros in 2015.

Taxpayers who made no income declarations or submitted inaccurate statements regarding past years’ incomes will be able to submit new ones declaring the full amounts that went undeclared without risking any fines or penalties. The combating of value-added tax evasion is expected to fetch some 1 billion euros per year. Special software for social network analysis will be deployed that will electronically monitor all transactions deemed as suspicious (in terms of non-payment of VAT). Its applications is seen bringing in 420 million euros this year.

Containment of the illegal trade in fuel, tobacco and alcohol is expected to fetch some 250-400 million euros this year, with 20 million coming from a hike in the luxurious living tax. Cross-checking overseas deposits may bring in 725-875 million euros.