Informal economy

The planning of National Economy and Finance Minister Kostis Hatzidakis includes a new framework for the taxation of the self-employed. The new finance minister has challenged himself to make his own mark in the fight against tax evasion, as he did in his previous posts tackling pensions, Public Power Corporation and Olympic Airways.

Rough estimates of tax evasion put it at between €8-10 billion. But recent data show that tax compliance is increasing, which accounts for higher than expected revenue in the first seven months of the year.

Data also show that compliance is higher among businesses than among individuals.

Officials are using warlike language when talking about their new efforts to fight tax evasion.

"We are adding another weapon to our arsenal, so we can achieve even more immediate results," Giorgos Pitsilis, head of the Independent Public Revenue Authority (AADE), said Wednesday when talking about the new capabilities of the authority's operations center.

The Independent Authority for Public Revenue (AADE) has launched an investigation into an online clothing and footwear e-shop operating in Thessaloniki, in northern Greece, following revelations of significant tax evasion.

New technologies, as well as citizens, are bringing cases of major tax evasion to the surface.

The combination of complaints from taxpayers, who did not receive receipts for products they bought, and electronic transactions, which are increasing year by year, have helped the audit mechanism to identify large hotbeds of tax evasion and impose stiff fines.

The tax administration (AADE) and the officials preparing to take the reins at the Finance Ministry intend to combat tax evasion by taking additional legislative and administrative measures.

Tax evasion in Greece exceeds 60 billion euros annually, Bank of Greece governor Yannis Stournaras said on Monday in an interview with news website in.gr.

Incomes officially declared in the country totaled 80 billion euros, while consumption totaled 140 billion euros, he said, adding that this consumption was not accompanied by a decline in savings, which in fact continued to rise.

Greece's Independent Authority for Public Revenue, known as AADE, is gearing up to intensify its efforts against tax evasion this summer with the introduction of a new digital tool called "ELEGXOSLive." The aim is to enhance tax compliance in Greek islands and other tourist areas.

The Independent Authority for Public Revenue (AADE) announced on Friday that it has identified tax evasion in excess of 1 million euros from a short-term real estate rental platform on the island of Mykonos.

The tax authorities intend to employ artificial intelligence to contain tax evasion, as the national plan for the utilization of European Union resources provides for the use of AI systems to facilitate inspections.