Independent Authority for Public Revenue

A number of self-employed professionals, enterprises and farmers will as of 2019 only have to submit their lists of suppliers and clients once a year, by March 31, compared to four times a year (every quarter) as has been the case up until today, a circular by the Independent Authority for Public Revenue stated on Friday.

In cooperation with the Hellenic Bank Association, the Independent Authority for Public Revenue intends to raise the amount of money in a debtor's bank account that will be protected from confiscation if the account holder is consistent in servicing their arrears to the state in late February.

The tax administration is asking the country's banks to provide details of all transactions since 2015 concerning the accounts of taxpayers who are under investigation.

The tax administration estimates this year's collections from expired dues to come to 6.5 billion euros, noting that debt arrangements and asset confiscations will boost revenues, after coming to 4 billion euros by end-September.

A large number of estate agencies, law firms and other go-betweens have sprung up in Greece to respond to demand from the thousands of non-European Union citizens interested in investing in the country to get a Golden Visa. In cooperation with Chinese travel agencies and local property owners, some of these businesses have been pocketing hefty commissions from unsuspecting buyers.

The Finance Ministry is considering the reduction of the maximum level of permitted cash transactions, as efforts to contain tax evasion continue.

Dozens more professions will soon be forced to install and operate credit and debit card terminals. Sources say the Finance Ministry is expanding the obligation of accepting card payments to more professionals in a decision to be published by the end of the year, and that businesses included in the measure will have a three-month grace period for compliance.

The state is planning to auction 31 properties between October 17 and December 19, and according to sources this figure may grow considerably, as besides the increase in bank account confiscations and asset freezes, the Independent Authority for Public Revenue is increasing the pace of online auctions too.

The Greek government is owed so much in tax arrears from households and companies that it could pay off more than half its massive public debts if it collected it all.

Unfortunately for the government, that's unlikely to ever happen.

The number of state debtors has quadrupled since Greece entered the bailout programs, as some 4 million Greeks owe money to the state now against just 1 million in 2010.

Notably, 87 percent of state debtors owe no more than 5,000 euros each.

The Independent Authority for Public Revenue sends letters to banks asking them to confiscate debtors' deposits every day.