Greek News Economy Greeks Owe More Than €104 Billion to the State, Official Data Reveals

Greeks Owe More Than €104 Billion to the State, Official Data Reveals

The latest figures published last week by Greece’s Independent Authority of Public Revenue (AADE) revealed that unpaid taxes to the Greek state now amount to the staggering sum of €104,365 billion.
This massive figure highlights Greece’s problem with tax evasion, an ongoing issue which makes the country’s economy struggle year after year.
The majority of those in debt actually owe less than €500, as 4,064,750 individuals have an outstanding debt of less than five hundred euros.
The latest figures from AADE clearly show that the bulk of this enormous amount of liability comes from people with relatively small debts, as 92.6 percent of the taxpayers who owe to the Greek state have to repay less than €10,000.
This maddening situation is one of the reasons why the Greek government plans to introduce a new repayment scheme, with tax debtors having up to 120 installments to pay their arrears to the state.
With this new initiative, Greek authorities hope that those with overdue taxes will be able to settle their arrears, helping both themselves and the state, which will finally be able to see its revenues grow.
However, seventy-nine individuals have outstanding arrears of more than €100 million each, totaling a whopping €34 billion, which comprises approximately one third of the total amount owned to the Greek state.
Public revenue experts have stressed numerous times, however, that the majority of this figure is not even collectible anymore, since it was created from bankruptcies and tax evasion incidents which took place decades ago.
Greece’s tax authorities imposed compulsory payment measures on a total of 1,186,380 debtors in February of 2019, up from 1,175,987 in January of the same year.

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