AADE: Series of cross-checks on deposits and transfers to and from abroad, income from third countries

AADE (Independent Authority for Public Revenue) has launched a bid of cross-checks to observe the question of funds that are not justified by the declared income connected taxation returns. These checks absorption connected deposits and transfers to and from abroad, arsenic good arsenic income earned from 3rd countries by Greek taxation residents.

According to the plan, the Department of Operational Audit Planning volition process information from “foreign outgo work institutions for transactions by Greek residents.” The extremity is to place the question of funds that cannot beryllium justified by the declared income of the individuals involved.

The checks volition absorption connected deposits and transfers to and from abroad, and income from 3rd countries earned by Greek taxation residents. Cross-checks volition comparison AADE information with accusation received by Greek authorities done planetary accusation speech agreements, targeting undeclared income from some existent and past taxation returns (up to 5 years) and fiscal transactions that are not justified by reported income.

These checks use lone to those whose taxation residency is successful Greece. Foreign residents are not taxable to akin checks, nor are they required to state their planetary income successful Greece.

According to past year’s data, 82,726 Greek taxpayers had deposits successful overseas banks, portion 13,404 taxpayers and 4,879 spouses declared income from overseas involvement deposits, totaling €79.17 million, with an mean involvement income of €4,330.27 per taxpayer.

What accusation is exchanged betwixt authorities:

The taxation authorities of cooperating countries speech the pursuing information:

• Personal details: Name, address, taxation ID fig (AFM), day and spot of commencement (for individuals), and concern accusation for entities.
• Account details: Account fig oregon equivalent, instauration name, and recognition fig of the reporting fiscal institution.
• Account balances: Account equilibrium oregon value, including the currency worth of security policies oregon annuity contracts astatine year-end, oregon the worth astatine closure if the relationship was closed during the year.
• Interest earned: Total gross magnitude of involvement paid oregon credited to the relationship during the year.
• Custodial relationship income: Total gross magnitude of interest, dividends, and different income generated by assets held successful the account, and the gross proceeds from the merchantability oregon redemption of fiscal assets paid oregon credited to the relationship during the year.
• Other merchandise returns: For different accounts not covered above, the full gross magnitude paid oregon credited to the relationship holder during the year, including immoderate repayment amounts.