ECONOMY

Decision signed green-lighting seizure of debtors’ deposits

decision-signed-green-lighting-seizure-of-debtors-amp-8217-deposits

Alternate Finance Minister Tryfon Alexiadis on Friday signed a decision paving the way for the ministry to seize assets from bank depositors with large debts to the state.

The decision, which has also been published in the Government Gazette and is part of the government’s bailout deal with international creditors, will be initially enforced on individuals and companies with debts in taxes and social security contributions of 70,000 euros and above.

The ministry will be sending lists with the details of debtors to all of the country’s banks so they can crosscheck their records and place seizure orders on deposits. Debtors will receive a written notification, five days after which the seizure will be put into effect.

Debtors receiving a pension or salary can declare one bank account on the online Taxisnet platform, in which up to 1,500 euros will be protected from seizure. However, 50 percent of deposits from 1,000 to 1,500 euros can be claimed by the authorities to cover debts.

Debtors can also apply for a settlement that allows debts to be paid off in 12 installments, or 24 in the case of overdue emergency taxes.

Business accounting departments and social security funds will also be receiving a list of debtors so that their money can be withheld at source.