Tax authorities to chase undeclared properties

Finance Ministry inspectors are about to start seeking out the owners of undeclared properties, while the law will be amended to allow for financial products and the content of safe deposit boxes to be confiscated electronically.

The plan for the identification of taxpayers who have "forgotten" to declare their properties to the tax authorities is expected to be ready by year-end, according to the timetable of the Independent Authority for Public Revenue.

Tax authorities will receive support from the Land Register to that end, as by end-September IAPR inspectors are set to obtain access to the company's database to draw details on properties. Any taxpayers identified as having skipped the declaration of their assets to the tax authorities will be asked to comply and declare them, along with paying the tax and fines dictated by law.

The IAPR is also waiting for...