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Greek State Aims to Raise €5 Billion from Confiscations and Auctions

finance-ministryThe Greek government is to proceed with confiscations of bank accounts and real estate for about 55% of debtors to the state aiming to raise 5 billion euros.
The ministries of finance and labor and their respective collecting agencies turn to debtors in order to raise revenues as dictated by the bailout agreement with lenders, in order to achieve budget targets for 2016. It is also part of the government’s effort to achieve its objectives and avoid the activation of the automatic fiscal adjustment mechanism in 2017.
The two ministries turn to tax evaders and those who owe contributions to security funds. The target for the Greek government is to collect 7.3 billion euros in revenues from taxes and fines until the end of 2016.
The target set is to collect 2.05 billion euros from old arrears until the end of December. From new arrears, the state aims to collect 2.5 billion euros. Also, the two ministries expect to collect 600 million euros from big debtors, who are classified in a separate category.
Percentagewise, the Greek government aims at increasing tax collectibility by 78% percent in September and 81.5% by December.
Regarding debts to security funds, the labor ministry aims at collecting 563 million euros by September and 750 million euros by December.
In order to reach these figures, the state will proceed to confiscations and auctions to about 52% of debtors by September and 55% by December. In the General Secretariat for Public Revenue there is a list of 65 large properties for auction. The secretariat has already notified all debtors to the state to come forth and repay their debts or make payment arrangements, settling their debts to 12 or 24 installments.
Furthermore, the General Secretariat for Public Revenue website will be listing the names of debtors who owe more than 150,000 euros to the state.

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