Soaring Tax on Undeclared Overseas Deposits 

Finance Ministry new attack on undeclared income:  €100,000-€200,000 undeclared abroad.

ATHENS, July 22 – If undeclared deposits abroad are declared, then “You will save.”

Somewhat so shaped the spirit of the bill being discussed today at a meeting with Deputy Prime Minister Yannis Dragasakis : Γιάννης Δραγασάκης  with ministers and relates to undeclared income deposited in Greek and overseas banks.

The information said that there are two proposals for the rates of taxation on undeclared income deposited abroad: 21% or 25%.

While for in country deposits proposed rates of taxation: 25% or 30%, while some directors want even 40%.

The main goal of the bill are those who declare hidden incomes will pay a single tax and become legalized, so they can make any use they wish and those who have deposits will be allowed to choose to keep deposits aboard.  

Translation : Newsit.gr

However, if they refuse to declare the overseas deposits, then the law will apply the tax rate  at 40%, plus both fines at a high percentage , depending on the number of years undeclared deposits. T

The nice thing for the government is that thanks to records and investigations made ​​by Finance Minister Panagiotis Nikoloudis and his team, there is knowledge of who has undeclared income and how many they are.

So there is a way to collect taxes and fines even if they are abroad through bilateral agreements that allow the seizure of the funds from the banks in the country where deposited. And penalties assessed in Greece through the Ministry of Finance.

The government is hoping that with the lowest rates many will come forward voluntarily to pay and avoid legal action that may lead to the seizure of most of the undeclared deposits.

Indeed, under consideration for the Ministries of Justice and Finance Department to join in seeking expedited litigation to ensure the Government collect the taxes due. 

Information indicates that in the case of deposits of undeclared income in foreign banksThe Government has agreements with many countries to confiscate and return funds on deposit in their banks when they receive the requests from the Ministry of Finance.

At this point it should be remembered that in policy statements Mr. Nikoloudis had talks about lists 3,500 names and 7 billion. income from which could receive more than 2 billion. euro and reports indicate that the depositors who took more than 200,000 euros and are in Nikoloudi list approaching 100,000 people and too many of them can not in their tax returns to justify the level of deposits.

Translation : Newsit.gr

Νέα επίθεση της κυβέρνησης στα αδήλωτα εισοδήματα

2015-07-22