On 12 December 2016 the Greek government submitted to Parliament a new bill introducing a long awaited programme for the voluntary disclosure of undeclared funds. Taxand Greece provides an overview of the bill’s key features.
Pursuant to the new bill, taxpayers will have the chance to disclose to the tax authorities funds that had not been declared in previous years, while benefiting from the imposition of reduced penalties. The main tax for disclosed funds will be assessed based on the tax rate applicable at the time, when such funds should have been reported.
Once the new law enters into force, the Ministry of Finance is expected to provide implementation guidelines and tax forms clarifying unsettled matters.