Financial Times
May 2, 2011
Greece on Monday unveiled an ambitious plan to fight tax evasion and raise revenues of €11.8bn ($17.5bn) during 2011-13 in an attempt to further cut its budget deficit and win back market confidence to lend to the country.
The revenue would come from collecting taxes in arrears owed to the state, strengthening tax compliance, revamping the tax collection mechanism with the establishment of a financial police force and closing tax loop holes, he said.
George Papaconstantinou, finance minister, said tax evasion cost the state €10bn to €15bn annually. He also said Greece was in talks with Switzerland to tax deposits held by Greek residents in that country.
“The measures appear to be in the right direction for providing a more effective tax collection mechanism,” said Platon Monokroussos, financial markets analysis chief at EFG Eurobank, Athens. “However, implementation is key going forward given lingering problems with the operation of tax authorities.”
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