Tax amnesty for undeclared funds

Undeclared deposits at banks in Greece and abroad can be legalized, Finance Minister Yanis Varoufakis announced on Tuesday after his meeting with Jacques de Watteville, state secretary in the Swiss Department of Finance, and Greek Minister of State for Combating Corruption Panayiotis Nikoloudis.

“The Greek government is undertaking a legislative initiative concerning the voluntary declaration by Greek citizens of their deposits abroad in a way that will reflect best European Union practices,” Varoufakis stated.

The bill will be taken to Parliament for voting immediately and will allow anyone who has concealed income from the Greek state to legalize it by paying a 15-20 percent tax, after which they will not be questioned about the source of those funds in Greece. The new clause will apply to those who have not declared income and have parked the cash in local or foreign banks, with depositors abroad not even having to repatriate their capital, but simply to declare it to tax authorities.

As soon as the bill is voted into law the final agreement between Greece and Switzerland will be signed, with Swiss authorities informing banks with Greek clients about the new tax law.

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