By G. Kouros
The head of Greece’s independent public revenues authority told an audience in New York City on Monday that a voluntary income declaration scheme launched in the still-bailout dependent country this year has generated revenues of 711 million euros for state coffers.
The head of the authority (AADE), Giorgos Pitsilis, spoke at the annual Capital Link conference in the US metropolis, an event also attended by Greece’s top finance ministry leadership.
He added that the third successive such income declaration program over the last decade was, by far, the most effective, in terms of revenues, despite being burdened with the highest tax co-efficient on undeclared income.
Pitsilis said his public revenues entity, itself a memorandum-mandated obligation that was established on Jan. 1, 2017, relies heavily on data collected from bank transactions in the country. Moreover, he said stepped up audits using the latest state-of-the-art technology will now aim to combat what he called deceptive accounting practices by Greece-based businesses.
Data from bank transactions overseas will also be employed, he said, along with all information from the customs bureau relying exclusively on electronic import-export clearances.
