THE House last night passed a number of laws whose enactment was a condition for the release of the fifth bailout tranche for
Authorities will now be able to seize tax debtors' bank accounts, confiscate their movable assets and prevent the transfer or sale of their immovable property until the dues are paid.
Following amendments introduced by lawmakers, a person's movable property will be confiscated or held for tax arrears of €5,000 and over, instead of the lower €2,000 threshold stipulated in the original government bill.
For tax arrears of €3,000 or more, authorities will be able to seize bank accounts and to block the alienation of immovable property; the government bill had set the threshold at €2,000.
Under another amendment, the amount to be left untouched in a debtor's bank account – after funds have been taken to repay taxes owed – was raised from €1,000 to €2,000.
The measures are aimed at improving the state's tax collection. A total of €526m is due to the
DIKO chairman and MP
He also noted that whereas the state can now sequester people's bank funds and assets, citizens owed money by the state could not do the same.
Also passed was a government bill mandating self-taxation by corporations and self-employed persons, as well as legislation specifying the deadline by which the IRD must complete tax returns to wage earners.
Parliament also approved a bill making the non-payment of taxes a criminal offence. It makes company directors personally and criminally liable for failure to pay taxes or for providing false data.
Another item was a change in the composition of the Resolution Authority for financial institutions. The governor of the
A bill establishing Guaranteed Minimum Income has been submitted to parliament; it goes to committee early next week and is slated to be put to a vote on Thursday, as will a bill providing for the establishment of an agency in charge of settling out-of-court financial disputes. These two items must be passed by the end of the month.
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