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Greeks disclose 4.5 billion euros in hidden taxable income this year

Staff Writer | August 28, 2017
Approximately 1,500 Greek taxpayers have admitted to hiding about 4.5 billion euros ($5.3 billion) of taxable income so far this year, avoiding heavy penalties, Greek newspaper Vima reported.
Hidden wealth Greece
Taxes   Hidden wealth abroad
At least 500 million euros in taxes have been added to the Greek state coffers after this development, according to the report citing Finance Ministry sources.

Under a voluntary disclosure program legislated in December 2016, taxpayers who have failed to disclose untaxed income and assets to the Tax Office in the past 15 years were given an opportunity to do so by Sept. 30 this year.

Under the program, the deposits may be taxed at a rate of up to 25 percent. Those who fail to come forward and make the disclosure voluntarily will face taxes and fines up to 120 percent of the initial tax on the undeclared incomes.

Greek officials have repeatedly warned tax evaders in recent months that they would get caught.

In most cases, depositors who have cooperated with authorities recently had hidden wealth abroad before or after the start of the seven-year debt crisis, according to the report.

Their names were included on lists of more than 35,000 Greeks with large deposits in foreign banks that the Greek state has already acquired.


 

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