In cross-scanning of bank deposits, loans, cards, remittances with income tax returns is ready to move on Independent Public Revenue Authority with the use of the Automated Property Accretion Control Software.
The new system has been put into pilot operation and started accepting information from the four systemic banks while as soon as the tests between AADE, Hellenic Banks Union and credit institutions are completed, the comparison with the incomes declared by 8.5 million citizens to the Tax Office will begin.
With the new Automated Asset Control System, the tax-control mechanism gains direct access to bank deposits, safe deposit boxes, investments and electronic wallets, putting suffocating pressure on those who hide income.
How will the check be done?
The Tax Office will obtain data from the banks and all financial institutions and then correlate it with the declared incomes of the audited. Cases of unjustified wealth increase are likely to hide extensive tax evasion.
With an automatic request to lift bank secrecy following the issuance of an audit order, banks and all liable persons active in the financial sector will be obliged within two days to provide all the information requested by AADE, making it easy to identify and disclose taxable material . And this is because the data they gather will be cross-referenced with the tax returns, in order to establish whether the amount of movable property and living expenses are justified by the incomes shown to the Tax Office by the taxpayers who are checked for illegal increase in property.
The explanations… and the fines
Depending on the findings, the auditing services of AADE will call the debtors for an explanation and will accordingly impose fines if an increase in property is found that is not justified by the declared incomes and business activity.
It is pointed out that in cases where an increase in property is found, as is the term used by AADE, then a tax of 33% is imposed on the amount which is unjustified, as well as fines and surcharges and a solidarity levy, with the result that the final cost rises above the 50% of the controlled amount and up to 90%.
The control process
For the removal of confidentiality, through the new system, the condition is to know and complete the TIN of the natural or legal person or legal entity, for which the removal of bank secrecy is carried out, while in order to submit a removal request, all the necessary approval procedures for the lifting of bank secrecy, provided for audit services.
In the new system, credit and financial institutions, including branches of foreign credit institutions, payment institutions, electronic money institutions, which are active in Greek territory, with or without a physical establishment, and are kept in the Bank’s Register, will have to transmit data of Greece.
However, the Tax Office’s access to the bank accounts will not be unlimited in terms of time, as a specific time limit is foreseen within which the new electronic system, BANCAPP, will be able to draw data from the banks or TEIRESIA.
The BANCAPP user has the right to access the data until the end of the calendar year, for the year in which it was granted, and for six months following the end of the calendar year in the event that access was granted in the last quarter of the year or until the end of control at the ELENXIS OPS if it occurs before the above defined intervals have passed.
What information do banks send?
The data that will be sent by the banking and financial institutions concern:
- demand and time deposits,
- grants,
- investment accounts with all kinds of portfolios of investment products and securities, such as mutual funds, bonds, shares, bank premiums, derivatives, Repos, etc.,
- credit cards,
- bank lockers,
- payment accounts,
- prepaid cards,
- electronic wallets.
Source: Daily
#AADE #Safari #deposits #safe #deposit #boxes #electronic #wallets #Economy #Financial #News #News
