Financial law

The time is running out for some 800,000 freelancers to register with the IRIS system and accept direct payments to their account from their clients. The deadline is less than a week away, but the latest figures (Friday, August 22) show that only 393,000 professionals and self-employed people had gone through the process, or about 50% of those liable.

Analysis of the €123 Billion Debt

According to lists released by the Independent Authority for Public Revenue (AADE) a few days ago, the debts of individuals and legal entities to the State and EFKA amount to €123 billion. These are debts from so-called major debtors, those who owe over €150,000 and whose payments are delayed by more than a year.

Greece retains the capacity to service its debt, the European Commission has said in its fourth post-program surveillance report released on Wednesday.

The tax administration and the Social Security Debt Collection Center will be sending notices to those owing over 150,000 euros in the next few days, calling on the debtors to the state and insurance funds to settle their dues.

The state could collect up to 1.2 billion euros if all those who dropped out of their tax debt arrangements apply for reintegration. For those who do apply, there will be a single monitoring authority.

As of Monday the obligation of credit managers to put into operation the special digital information platform for borrowers to provide personalized information is in operation.

The Ministry of National Economy and Finance established this obligation in order to improve the provision of services to borrowers and to effectively deal with communication difficulties.

In one application, tax obligations, notifications for deadlines & payment with IRIS or card

Turkey's central bank on Saturday raised the maximum interest rate on credit card cash withdrawals to 5% from 4.42%, according to a decision published in the Official Gazette, in a move aimed at additional tightening.

The governor of the Central Bank of Cyprus has dispatched crucial correspondence to banks and credit repurchase companies shedding light on the strategy for restructuring nonperforming loans (NPLs) and navigating credit risk management.

Reducing the ratio of debt-to-gross domestic product at the fastest rate in Europe, achieving higher positions in the rating agencies' scales and further reducing the cost of servicing the country's borrowing, are the three main objectives set by the financial staff for the crucial issue of managing the Greek debt.