A new software where will “read” bank accounts, remittances, deposits, loans, ATMs, credit and prepaid cards in record time even “electronic wallets” and will automatically ring a ‘bell’ for each ‘suspicious» move, the Independent Public Revenue Authority promotes (AADE) in collaboration with the banks.

As part of the drive to check black money, cross-checking between bank deposits and income tax returns will be automatic.

The new digital system has been put in pilot mode and began to receive information from the 4 systemic banks, while as soon as the tests between AADE, the Hellenic Bank Union and credit institutions are completed, the comparison with the incomes declared by 8.5 million citizens at the Tax Office will begin. It is estimated that by June the rest of the financial institutions will have been connected.

How does it work

The new software, which has the full name Special Software for Automated Control of Asset Addition (ELAEPP) it will allow tax auditors to “break into” bankers accountsthe lockers and electronic wallets (e-wallet) and receive detailed data and information on the auditees: from movable assets (jewellery, precious stones, gold plates, etc.) and liquid assets secured in bank vaults to all kinds of transactions through “plastic money” and movements for loan repayments (consumer, housing, business).

Specifically, once an income and assets audit order is issued for a taxpayer, a request to lift bank secrecy will be sent automatically, without human intervention. Within two days, AADE will have the relevant answers for the bank accounts and assets of the last five years.

With the new automated system the determination of the taxable material now becomes an easy matter. The data received by the controlling authorities will be processed and cross-checked with them tax statements in order to establish whether the amount of movable property and living expenses are justified by the income declared to the Tax Office. If they are not covered, it will be considered an unjustified increase in property and the excess amount will be taxed at a rate of 33%.

The communication of requests between AADE and the liable persons will be carried out through the infrastructure of “Teresia”. In the new system they should transmit data (from deposit details to cards and e-wallets) credit and financial institutionsincluding branches of foreign credit institutions, payment institutions, electronic money institutions, which are active in Greek territory, with or without a physical establishment, and are kept in the Register of the Bank of Greece.