Big fines for undeclared property assets

Big fines for undeclared property assets

Huge fines are on the way for property owners who have not declared the actual size of their assets in a bid to dodge taxes, as the Independent Authority for Public Revenue will proceed with the online connection of the tax authorities’ databases with the national cadaster upon the latter’s completion.

The interconnection will allow IAPR inspectors to gain full access to the property register, allowing them to identify all the properties and rights therein, both within and outside town planning. They will then crosscheck the cadaster data with what taxpayers have declared on the E9 forms of their income tax declarations, which concern their properties.

The Finance Ministry has indications that a number of owners have not declared the entire set of their real estate assets on the E9 forms, either by hiding some of their properties or by deliberately declaring false data, such as stating that a property is smaller than it actually is. Lying about the size of one’s property assets reduces not only the Single Property Tax (ENFIA), but also transfer taxes.

Once the IAPR has its systems interconnected with the cadaster’s database, it will be able to identify owners who have not declared the true value of their real estate and to seek out taxpayers with overdue arrears to the tax authorities that have gone unpaid without any settlement arrangements despite the ownership of large property assets.

Today the tax administration does not have the full picture regarding real estate ownership in the country. Therefore, in cases of taxpayers with expired dues, it is unable to secure the state’s requirements (such as mortgage underwriting, property confiscations, auctions etc).

The taxpayers found after the cross-checking to have concealed property assets or made false declarations will not only face a higher ENFIA and supplementary property tax, but also an additional tax calculated as interest for belated submission and a fine for the submission of incorrect property tax declarations.


Ρεπορτάζ : Σύνδεσμος

Άλλα τελευταία άρθρα Κατηγορίας