Tax authorities to increase their audits and inspections

The General Secretary of Public Revenue Haris Theoharis has issued orders so that the tax authorities step up their audits and inspections, in order to locate any…

The General Secretary of Public Revenue Haris Theoharis has issued orders so that the tax authorities step up their audits and inspections, in order to locate any potential hidden revenue or expenses that cannot be justified by a household’s revenue.

Over the next few days, the tax authorities will initiate their plans to inspect the finances of about 8,500,000 taxpayers, in accordance with a set of criteria established by Mr. Theoharis. Amongst the provisions are regularly documenting details and changes of a household’s revenue and expenses, assets and accounts.

Additionally, tax authorities will be tasked with imposing fines when the expenses exceed the documented revenue. The tax authorities will also create a taxpayer’s profile for future reference. Suspect taxpayers who declare huge VAT and income tax returns will be prioritized.

According to the guidelines issued by the General Secretary, the taxpayer will have to prove that his revenue is greater than his expenses in order to avoid paying additional taxes.

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