Bad debts: Auctions and foreclosures are coming – Financial Post

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A barrage of seizures has been unleashed by the Independent Public Revenue Authority (AADE) in an attempt to collect some of the overdue debts to the tax office. Businesses and taxpayers find it difficult to meet their tax obligations as a result of which they are in the “target” of the tax authorities.

The figures are revealing, according to which the taxpayers left 1.025 billion euros in fees to the Tax Office in February. the amount is marginally higher than January’s 996 million euros.

Tax Office: Unpaid taxes of 1.539 billion euros in the first two months of 2024

The total overdue debt in February amounts to the dizzying amount of 107.18 billion euros. Of this debt, 26.3 billion euros are considered uncollectible with the actual overdue debt being limited to 80.85 billion euros.

According to the data, the debtors amount to 3,878,712, while compulsory measures (confiscations) have already been taken in 1,506,475.

It is recalled that AADE is preparing the “Big Brother” for more than 3.5 million taxpayers who have open accounts with the Tax Office by proceeding to the electronic “file” not only of their overdue debts but also of their income and assets.

The tax collection mechanism is strengthened with Eispraxis. This is the new electronic weapon that AADE has been deploying since the beginning of the new year to hunt down debtors and collect debts from those who have the financial means but do not fulfill their obligations to the Tax Office.

Each debtor will be monitored in real time and depending on their behavior Eisxpaxis will trigger automatic bank account and asset seizures, auctions and offsets of tax refunds against debts.

The new electronic system will “see” the profile of each debtor, check their financial situation by extracting information about their income and assets from all the information systems of AADE, Taxis, Icisnet, Elenxis as well as from third parties ( Land Registry, credit institutions, notaries, Stock Exchange, ERGANI, GEMI etc.) while it will exchange data and information with EU member states.

An electronic file will be created for each debt, which will be updated in real time on the progress of its repayment, whether or not the regulations have been complied with, as well as the actions and measures taken by the collection authorities. At the same time, Eispraxis enables the automatic collection of debts while new methods and technologies are activated in the context of forced debt collection (commitments, confiscations, auctions of debtors’ assets).


The article is in Greek

Tags: Bad debts Auctions foreclosures coming Financial Post

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