It has rung a “bell” for 1,100 natural persons as the incomes they declare to the Tax Office do not justify the amount of deposits or investment accounts they have in banks. The next step for the auditing authorities is to call on these taxpayers to justify the large difference between their declared incomes and their deposits and if they can’t, impose taxes, penalties and surcharges on them.
This is the mechanism of the Automated Control of Asset Addition that enables the control authorities to receive data and information from the credit institutions on the amount of deposits, investment accounts, credit and prepaid cards, bank safes and electronic wallets very quickly. for controlled natural persons. This information is then compared with the tax returns in order to establish whether the amount of their property and living expenses are justified by the income they declare to the tax office.
If they are not justified then a 33% tax is imposed on the difference and additional fines, surcharges and a special solidarity levy resulting in the final charge exceeding 50%.
The aim of the auditing authorities is to intensify the controls in the next period through the new mechanism which proves to be particularly effective in the fight against tax evasion.
In addition to the development of deposits of natural persons, the focus of the audits will be electronic wallets and Paypal-type services, which register a strong upward trend in digital payment methods
What data is sent to the new system?
The data sent to the new system by banking and financial institutions are the following:
Deposits
Grants of loans
Investment accounts from all kinds of portfolios of investment products and securities (mutual funds, bonds, shares, derivatives, Repos).
Credit cards
ATMs
Payment Accounts
Prepaid Cards
Electronic wallets
It is noted that, based on the law, if the Tax Office detects an amount in a bank account with an unknown source of origin as it is not justified by any source of the taxpayer’s income, then it automatically characterizes it as an “increase in property”. The taxpayer, if summoned by the Tax Office, bears the burden of proof of the source or cause of origin. In the event that the evidence is not satisfactory, any increase in the property is characterized and taxed as income from liberal professions, at a rate of 33% plus fines and surcharges and the imposition of a special solidarity levy.
In any case, it is pointed out that an increase in assets resulting from the control of bank accounts must be sufficiently documented, since withdrawals or deposits may concern transactions and movements that do not necessarily constitute taxable income.
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