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Greece to Offer Amnesty for Undeclared Income with 21% Tax

nikoloudis-baroufakisThe Greek government decided on Wednesday to offer amnesty to citizens who have hidden money and undeclared incomes under the condition that they will pay a one-off tax of 21% to the state.
Originally Greece’s Finance Ministry had considered two different taxes, a 15% tax for undeclared deposits in banks abroad and 30% for undeclared funds in domestic accounts.
On Wednesday, Finance Minister Yanis Varoufakis and State Minister for Combating Corruption Panagiotis Nikoloudis met to discuss tax evasion and collection measures. Nikoloudis opposed the discrepancy between the two rates on the grounds that tax evaders could sent their money abroad in order to pay less tax. So it was decided that a single rate should apply for legalizing undeclared incomes deposited domestically or abroad.
If tax evaders come forward within two months from the time the bill passes, they will avoid penalties. After that, the state will have the right to confiscate any undeclared incomes.

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