755,000 tax payers to face foreclosures for overdue debts

5 August 2016
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About one and a half million tax payers may face foreclosures from tax authorities for debts over 500 euros. Half of them – 755,806 – are expected to face mandatory liquidation measures, namely property and bank accounts seized.

At the end of June the tax authorities announced that 4,003,372 have tax debts. The General Secretariat of Public Revenue may enforce mandatory liquidation measures on 1,492,088 of them, given that many debtors may either not have assets or may be bankrupt.

Tax debts amount to almost 90 billion euros, which is about half of the country’s gross domestic product. The new overdue debts generated in 2016 amount to 6.8 billion euros, with 5.956 billion euros being unpaid taxes. In June alone 1.2 billion euros worth of debts were generated, with 903 million euros being unpaid taxes.

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