Legalize your revenues and you’ll have 20-70% discount on taxes

Legalize your revenues and you’ll have 20-70% discount on taxes

Athens, January 4, 2016/Independent Balkan News Agency

By Olga Mavrou

The government in an effort to bring back to Greek banks the money that were “lost” during the capital run of recent years or were deposited in foreign banks for the purpose of tax evasion, is planning to offer a “new deal”:  if companies or individuals declare their assets sincerely, and if they bring them back to the Greek banking system (investing for example in bonds) they’ll get a 70% discount on their taxes. If they do not invest on Greek bonds and treasury bills, but they at least deposit them in a Greek bank, the discount will be up to 20%. If they chose to invest those amounts in a new enterprise, they’ll also get a discount of 20% up to 60% on the tax they owe.

Even  if citizens chose none of the above (bonds, new enterprises, or even hesitate to bring them back to Greek banks), as long as they declare their incomes, “they’ll come up clean”, that is the government will not give them any tax discount,  but will give them the benefit to legalize their past  incomes, escape fines, surcharges and criminal prosecutions.

Money to be laundered though will not be accepted – the Finance ministry plans to legalize only amounts that have passed at least once through the Greek banking system or amounts that are somehow documented.