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Tax “secrets” to repatriate funds in Greece

Greek taxpayers who rushed to send their savings abroad in order to feel protected, visit tax consultants and banks in Athens in order to find out if this security implies tax dangers.
The new tax law, which is valid from April 23, underlines a simple concept: those who will refuse to bring back the savings that they transferred abroad will undergo a tax examination. If the money transferred proves “clean”, then there is nothing to be afraid of. In any other case they will have to pay a heavy tax (8%) each and every year!
The tax “secret” for the depositors abroad is hidden in the article 18 of the tax law (motives to repatriate funds). It is underlined that anyone who will not take advantage of the motives and will not repatriate his money until October 23 will face numerous problems with the internal revenue service.
As usually in Greece, because of the underground market, depositors, who transferred abroad their savings, have exported “black” money. What they probably did not know is that the internal revenue service has a way to identify them! It is then clear that from October 23, the Ministry of Finance, will examine the deposits and – apart from the heavy tax – will also implement other penalties.

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