ECONOMY

Asset Register is not happening any time soon as several issues remain pending

asset-register-is-not-happening-any-time-soon-as-several-issues-remain-pending

It appears increasingly likely that the introduction of the Asset Register (Periousiologio) will be postponed until this fall, if not next year.

Delays in the submission of the related clauses to Parliament and the limited capacity of the Finance Ministry’s online Taxisnet system mean it is currently impossible to finish setting up the database that is to include all taxpayers’ assets.

Ministry officials say that several issues need to be settled before the Asset Register is ready for implementation, such as whether the data collected will be used for the imposition of a new tax on the net value of assets (as has been the case elsewhere), which is a key concern for most citizens.

Other concerns include the security of personal data and the reliability of the Taxisnet system, which will host the Asset Register.

The General Secretariat of Public Revenue has not yet received any information regarding the data to be entered into the profile of each taxpayer, so it is unable to assess whether the online system will be able to operate without any hitches.

The same officials appear certain the system will struggle, creating fresh problems with the existing applications on Taxisnet.