Twenty-five to 30 Greek citizens found on the so-called “Borjans list” of bank depositors in UBS are reportedly willing to pay taxes corresponding to the cash deposits they hold abroad. The action would ostensibly come in order to avoid prosecution in Greece.
The “list” is named after the finance minister of the German state of North Rhine-Westphalia, Norbert Walter-Borjans, whose state government publicized the list of depositors at Switzerland’s UBS.
According to reports, the depositors are ready to pay the corresponding taxes - via supplementary tax statements - before an ongoing judicial investigation reaches the point where an indictment is issued.
Nevertheless, judicial circles in Athens stated that the number of Greek depositors preferring audits instead of paying the taxes calculated by the finance ministry is much higher, especially since draft legislation aimed at “repatriating” untaxed capital held by Greek citizens’ overseas remains in limbo.
One obstacle facing Greece’s tax bureau is an ongoing legal challenge to audits in years prior to 2010, while a lengthy court battle is foreseen in cases where depositors challenge the state’s sanctions and penalties.
In February 2016, Greek financial prosecutors sent notices to 100 Greek citizens demanding they explain their large bank deposits in UBS.