New­borns to get AFM as of Jan­uary 2016

Kathimerini English - - Front Page - PROKOPIS HATZINIKOLAOU

From Jan­uary 2016, taxpayers will be able to ac­cess the elec­tronic Tax­isNet sys­tem with their per­sonal code and ver­ify new items be­ing in­cluded in their tax assess­ments, such as bank de­posits in Greece, prop­er­ties owned and fees paid to pri­vate schools.

If the tax­payer dis­agrees with any part of the tax au­thor­ity’s as­sess­ment, they can con­tend it and cor­rec­tions can be made as long as the nec­es­sary doc­u­ments are pro­vided. In a sec­ond phase planned for 2017, art and jew­elry will be added to the as­sess­ment once val­ued. The Min­istry of Fi­nance be­lieves that this method will give a clearer pic­ture of the ac­tual wealth of each tax­payer, thus sig­nif­i­cantly re­duc­ing tax eva­sion. Chil­dren born af­ter Jan­uary 1, 2016 will also re­ceive a tax iden­ti­fi­ca­tion num­ber (AFM).

In cases where un­de­clared in­come is dis­cov­ered, a retroac­tive tax rate will be ap­plied cor­re­spond­ing with the time the in­come was re­ceived and taxes evaded. An in­di­rect con­fis­ca­tion of such in­come may also be in­curred and the fines im­posed could reach up to 100 per­cent of the un­de­clared amount.

Any changes to a taxpayers’ as­sets should be proven with le­git­i­mate doc­u­ments and jus­ti­fied by their in­come, as re­flected in their an­nual in­come tax re­turns.

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