EU helps Greece seek tax from Swiss banks - The Best from Greece

Posted on: 18/Nov/2011

Friday, November 18 07:52:39

The EU is helping Greece to negotiate a tax agreement with Switzerland to claw back at least some of billions of euro in unpaid taxes that has fled there.

The clawback is to form part of a wider Greek clampdown on tax evasion which is costing it an estimated 60bn euros a year.

Greece has opened negotiations with Switzerland on a bilateral deal such as those struck earlier this year by Germany and the UK.

European Commission experts are advising Athens on the deal and working to ensure it complies with EU laws.

The Greek government has already launched 165,000 court cases against suspected tax evaders in a bid to recover 30bn euros in unpaid sums due.

About 8bn euros of this sum is seen as easily recoverable.

"Solutions are being explored to provide Greece with an adequate way to increase tax revenue, taking into account the vast amounts channelled to Switzerland by Greek nationals," said a report by Horst Reinchenbach, the German head of a task force trying to help Athens reform its economy.

"We want Greece to get the best deal possible using EU and IMF experience and legal support," added an EU official on condition of anonymity.

This official said that of a missing 60bn overall in tax revenues identified by the IMF, just half is "theoretically collectible".

source: http://www.businessworld.ie/livenews.htm?a=2841149;s=rollingnews.htm

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