Categories: Greek NEWS

Greek government cracks down on tax evasion by “enforcing online spending”


According to a report in The Telegraph, Greek citizens will be required to spend around a third of their income electronically, otherwise, they will be hit with substantial fines designed to crack down on tax evasion.

The Greek government expects to raise around 500m euro from this new plan, Alex Patelis, the Greek Prime Minister’s chief economic adviser told The Telegraph in an interview.

In his pursuit to stamp out tax evasion, Prime Minister Kyriakos Mitsotakis proposed legislation that would require expenses submitted to the tax department: to be payments for goods and services paid via electronic means such as credit cards, online, e-banking etc and to amount to 30% of annual income.

Greece is reported to have one of the world’s largest shadow economies, with many firms and citizens underreporting income in an attempt to evade taxes.

The move is said to be part of Prime Minister Kyriakos Mitsotakis’ plan to revamp the country’s tax system with the new PM announcing that the rate of corporate tax would be cut from 28% to 24% next year.


This post was last modified on December 10, 2019 8:06 pm


Leave a Comment

Recent Posts

UPDATE: Owner of Grande Bretagne denies selling iconic hotel in Athens

After about 150 years of operation, according to information from business circles, the Hotel Grande Bretagne in Athens has new… Read More

2 hours ago

Geopolitics of the Eastern Mediterranean

Some of you have certainly heard about the conflict between Greece and Turkey in the Eastern Mediterranean. But what is… Read More

2 hours ago

Reuters: NATO is hiding investigation into Turkey’s aggression against France near Libya

A NATO investigation into a naval standoff between French and Turkish ships close to Libya in June has been rated… Read More

3 hours ago

Turkish Foreign Ministry summons Greek envoy over expletive headline against Erdoğan

Turkey’s Ministry of Foreign Affairs on Friday summoned Greece’s ambassador over a 'despicable headline' in a Greek newspaper about the… Read More

6 hours ago

Cyclone Ianos leaves trail of destruction, Ithaca the most afflicted

Cyclone Ianos left floods, power outages and extensive damage in its wake on Friday. Hellenic Electricity Distribution Network Operator (DEDDIE)… Read More

9 hours ago

Greek Scientists Emphasize Importance of Quick Plasma Donations to Battle COVID-19

The plasma exchange treatment developed by Greek scientists is showing promising results so far. Read More

11 hours ago