The Finance Ministry has sent a circular to all tax offices, audit centers and the SDOE financial crimes corps specifying heavy penalties and audits, as provided under the legislation on money laundering. This pertains to businesses that repeatedly do not issue receipts and have overdue debts to the state of more than 120,000 euros, the issuing of fake invoices, and for taxpayers who have not submitted income tax statements resulting in evasion of taxes of over 15,000 euros.
The above categories of businesses and tax payers will be audited for money laundering and if found guilty, the confidentiality of their bank accounts, tax history and stockmarket transactions will be lifted and the transgressing parties will face imprisonment of up to 10 years.
The circular lists the specific violations of legislation that will lead to inspections by the Committee for Combating the Legalisation of Revenues from Criminal Activities (money-laundering watchdog), which include failure to issue or the issue of inaccurate tax documentation (receipts, invoices, etc.), non-payment of overdue debts to the state that exceed 120,000 euros, non-submission of or submission of inaccurate income tax statement for undeclared incomes of which the corresponding tax exceeds 15,000 euros, non-payment or inaccurate payment of VAT and other withheld taxes that exceed 3,000 euros annually, the issue or acceptance of fake invoices regardless of value, and illicit trade and contraband.
(source: ana-mpa)
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