- MarketPulse - https://www.marketpulse.com -

Troika Criticizes Greece for Lack of Tax Avoidance Crack down

Greece’s drive to crack down on flagrant tax evaders such as doctors and lawyers is flagging and must be reinvigorated, a report by the European Union and International Monetary Fund said on Monday.

Athens has collected just half the tax debts and conducted less than half the audits it was supposed to under the targets set by its lenders, according to a survey by the country’s international lenders which was compiled in November.

“The mission expresses concern that authorities are falling idle and that the drive to fight tax evasion by the very wealthy and the free professions is at risk of weakening,” it said.

By the end of September authorities had conducted 440 checks on suspected wealthy tax evaders, compared with a full-year target of 1,300. About 1.1 billion euros in overdue taxes have been collected so far, less than the 2 billion euros targeted.

The lenders urged Greece to improve tax collection and focus on the cases most likely to produce results. “Doctors and lawyers are a good place to start,” they said.

Tax evasion is endemic in Greece, making it more difficult for the government to shore up its finances under its 240-billion-euro international bailout.

via Reuters [1]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

Latest posts by Alfonso Esparza (see all [6])