Courts Asked to Clarify Ruling On Foreign Deposits That Could Cost the State €1 Billion




The Administrative Appeals Court has recently made a ruling that could end up costing the Greek state some €1 billion by ruling in favor of a plaintiff appealing fines for depositing unclaimed income in banks abroad, sources report.

The General Secretariat of Public Revenues is now asking the Council of State to clarify this ruling, as it fears that is may serve as precedent for other Greeks suspected of depositing their money in foreign banks and not declaring the funds in their taxes.

The ruling made by the court states that there is a statute of limitations which has expired on all such cases with foreign undeclared deposits that occurred prior and up to 2006. The statute of limitations also applies to those named on the Lagarde list sent to the Greek Finance Ministry by foreign authorities several years ago.