As if a raft of new taxes, cuts in allowances and benefits, and austerity measures weren't bad enough, Greeks are now facing a new threat from the tax authorities.
Cash ‘under the mattress’ totaling more than 15,000 euro[s], jewelry and other valuable items such as diamonds and gemstones, should be declared to electronic system of tax authorities, Taxisnet, as of 1. January 2016. Next to properties and vehicles and shares, now the taxpayers will also have to declare their deposits. And not only that. They will have to fill if they rent bank lockers and if yes, also the name of the bank and the branch, even if abroad.
A joint ministerial decision issued by the Ministries of Justice and Finance indicates that taxpayers in Greece should add all their valuables into a new category of the tax declaration, the “Assets declaration.”
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Note that this Assets declaration process will initially apply to lawmakers, journalists, public servants etc and is the rehearsal for the creation of the electronic property & assets register that will be extended to all taxpayers.
The new assets declaration form has a total of 56 pages.
The decision has been taken “in the context of support and development of the economy,” the ministers state.
There's more at the link.
I can see this going down like a lead balloon. There can only be one reason why the tax authorities want this information - so they can tax you on your accumulated assets, particularly if you've accumulated more assets than you could reasonably have afforded on your declared taxable income. Cue massive, population-wide civil disobedience in 3 . . . 2 . . . 1 . . .
Can you just imagine the fun if a US administration tried to implement something similar? After all, the new restrictions on so-called 'assault rifles' have seen a greater-than-80% rate of civil disobedience in New York and Connecticut, including from many of the cops who are supposed to implement them. This would be far, far worse. As far as I'm concerned, what I own is my business and no-one else's. I've paid tax on the income I used to buy it, and that's the last that any tax agency needs to know about it. What's the accounting symbol for "Go pound sand"?