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Law 4512/2018, gazetted on 17 January 2018, introduces a broad set of measures, forming part of Greece’s third economic adjustment program and relevant obligations towards the State’s creditors. Zepos & Yannopoulos, Taxand Greece, highlights the most significant tax provisions, including the new audit unit formed against tax evasion and financial crime, in their latest newsletter.
The new law envisages the establishment of a new audit unit for investigating serious cases of tax evasion and related financial crime (Financial Crime Investigation Unit). The investigation will be initiated following an order of the Public Prosecutor for Financial Crime. The personnel of the new unit will have broad powers to audit all taxpayers’ books and records, perform physical audits on their premises and access tax returns and bank account information. They may also request and obtain information from any other public authority in Greece and abroad.
Discover more: Law 4512/2018; overview of tax provisions
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If the Financial Crime Investigation Unit concludes that there are indications that tax evasion has been committed, they will submit their report to the Public Prosecutor for Financial Crime. Subsequently, they will forward their report to the Independent Authority of Public Revenue to initiate a tax audit at a priority basis.