By Vangelis Dourakis

The Independent Public Revenue Authority gains real-time online access to bank accounts: Based on a plan that is already being implemented, it is only a matter of time before the Tax Office gains direct access to all bank deposits and transactions carried out by citizens. AADE, of course, already has the possibility, in the event of an audit, to receive information on bank accounts within a period of 2 days, through the BANCAPP system.

However, with the use of new “tools” the Tax Office hopes that it will have online access to deposits in real time.

What is AADE’s plan?

For the online interface with the banks, the AADE plan foresees the following 3 actions:
– Review and upgrade cooperation with the financial system to standardize, automate and expand data exchange processes.
– Electronic interface with the financial system for the collection, processing and utilization of bank account information for control and action purposes.
– Replacement of the basic digital systems and expansion of the functionality of service provision, including the implementation of mechanisms for the interoperability of AADE’s information systems with banking information systems.

It is characteristic that the interface between AADE and banks has been included in the Recovery Fund and the Greece 2.0 program and as they explain to AADE, the reform aims to upgrade its digital infrastructure, so that it is more efficient to utilize the large amount of data it has, as well as the monitoring of financial transactions.

How the Tax Office currently obtains data from the Banks

AADE still has access to banks today through various systems at its disposal, the main one being the “Automated Surcharge Control System

Property” or BANCAPP which collects and utilizes data from the file of financial products and analytical financial transactions, the movements of bank accounts, payment accounts and other financial products and analytical financial transactions of the TINs for which a control order has been issued to OPS ELENXIS.

The control concerns both deposits, repos, insurance products, derivatives, shares as well as loans and safe deposit boxes.

But the AADE seeks more immediate access, to avoid delays, which can be decisive for the effectiveness of the control.
With BANCAPP, banks are obliged to respond and send the data within two (2) working days, except in cases where the request occupies a controlled period of more than five years in which case the sending of the requested files is carried out within five (5) working days days.

Which transactions come under the microscope of the auditing authorities

Banks are required to notify AADE of data for the entire range of their customers’ transactions and specifically will send data, if available, for the following categories:
– First demand deposit account
– Term deposit account
– Sponsorship account
– Investment account (all kinds of portfolios of investment products and securities, such as mutual funds, bonds, shares, bank premiums, derivatives, Repos, etc.)
– Credit Card
– Bank Box
– Payment Account
– Prepaid card
– Electronic wallet
– Another account
– Any other element that is associated with the tax identification number of the auditee and is not classified in the above categories.