March premiere for state's e-auctions

The state and the social security funds will begin online auctions of debtors' assets in March, while total debts to the state at the end of November exceeded 100 billion euros according to data published on Monday.

The multi-bill to be tabled in Parliament on Tuesday contains a clause amending the Public Revenue Collection Code (KEDE) to include not only conventional auctions but online auctions too.

The clause will pass the responsibility for setting the auctions' terms and conditions to the competent ministers, while sources say the state will utilize the same platform as that currently used for online auctions called by private parties.

When the state's electronic foreclosures begin, the properties will go under the hammer at prices below the rates used for tax purposes (known as "objective values") as the law dictates that auction starting prices should be...