ECONOMY

Tax inspections of big firms will get tougher

The statute of limitations on tax cases will be shortened from five to three years, but tax inspections, especially of larger enterprises, will become tighter, according to Ministry of Economy and Finance sources. According to the plan under consideration, there will be a thorough annual inspection of all enterprises with a turnover over 9 million euros. The inspection will also include all listed firms, those that have been involved in cases of fraudulent reporting or bogus invoices, branches and subsidiaries of foreign companies, technical and construction firms, tourist firms and those that are involved in illegal trade. Less rigorous annual inspections will take place at medium-size companies with a turnover of at least 200,000 euros. Deputy Finance Minister Adam Regouzas confirmed that changes in tax inspections will take place, without going into details. He added that tax rates for both companies and individuals will be lowered.