Asset register expected to come into effect by September 2016

All Greek taxpayers will have to declare their assets in the asset register by September 2016, including bank accounts and…

All Greek taxpayers will have to declare their assets in the asset register by September 2016, including bank accounts and bank deposit boxes in their name, with the State being in the position to seize any undeclared assets, until the relevant inspections have been carried out.

The Ministry of Finances announced that the legislation on the register will be finalized in December and has underlined that it will not be used to impose taxes. Rather by systematically monitoring the changes in wealth, the tax authorities will be able to focus their audits.

According to the draft plans, legal entities based in Greece will also have to register their assets. Taxpayers will also have to include any property and assets that are overseas. Included in the register is real estate property, most types of vehicles, bonds, treasury bills and shares.

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