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Ministry of Finance Proposes Bill to Tackle VAT Evasion

tax-evasionThe Ministry of Finance proposes a new mechanism which will improve the effects of auditing and tax services. Haris Theoharis, the General Secretary of Public Revenue, during his interview for the Taxheaven website, uncovered some details for the new mechanism which will tackle VAT tax evasion and the phony invoices trade.
According to the new bill, the owners of all businesses will be obliged to submit the total sum of revenue, and go through a series of cross-checks every month in order to unveil any suspicious dealings. Business owner’s who withhold VAT will have their Tax ID number suspended. The businessmen who do not pay their share of VAT for six months will be blacklisted and the tax services will not recognize invoices as expenses.
According to Mr. Theoharis, the mechanism will also include vehicles and luxury yachts and is also examining insurance fees, tuition, bank account interest and other financial data. He also said that the new mechanism will help auditing and tax services to have a clear view for the tax profile of businesses.
According to sources, the Ministry of Finances will modernize its tax services and it is aiming to reduce the long queues which are found outside tax offices when the deadlines are about to pass. The General Secretariat of Public Revenue will create special online platforms in order to submit the contracts, trade agreements, administration fees etc. According to Mr. Theoharis the purpose of the Ministry of Finance, is to make all payments online.

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