50-60% tax on undeclared wealth

6 October 2016
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According to sources, the Greek government has reached a compromise with its creditors on the matter of collecting revenue from undeclared wealth. The recommended plan provides that taxpayers who voluntarily disclose undeclared wealth will be charged between 50 and 60% of the difference emerging after a tax audit on bank deposits and declared wealth. The government hopes to effect the process on October 17. According to the recommended plan, the tax office ‘tariff’ will reach 50% of the taxpayer’s capital if the audit has not commenced, 55% if the audit is under way but incomplete, and 60% if it is completed without a final court ruling.

The measures include widespread audits and meticulous cross-checking of wealth from bank deposits and lists, the ability for those audited to settle cases with the tax office, and the legislation of a wealth registrar. Some sources close to the government say a final compromise between Greece and its lenders on the matter is very close, while others add that a second proposal is on the table of talks that includes the payment of interest, in the fiscal year the audit takes place, equal with the tax inflation that leads to an additional tax between 20 and 60% depending on the tax coefficient of the year. The new plan is expected to be announced in due course, while the tax services have already started cross-checking data with the newly installed software for the period between 2002 and 2014.

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