By G. Kouros
The latest initiative coming out of the finance ministry to combat endemic tax evasion in the country is called a “declaration of wealth” statement, which will purportedly demand of Greece-based taxpayers that they declare all cash, bank deposits, safety deposit boxes, real estate, expensive jewelry, investments and even works of art.
The proposed declaration is essentially the forerunner of a so-called wealth and means registry that the current leftist government, as well as previous governments, want to institute, and which will abolish the segment of the tax regime that relies on deductibles based on living expenses.
The ministry and tax bureau officials hope the measure to generate increased tax revenue for 2017 and beyond, and to offset possible “tax fatigue” from the latest bevy of direct and indirect tax hikes.
