The full implementation of an agreement signed last year by 150 countries with the OECD, the Organisation for Economic Cooperation and Growth will begin in 2017.
The agreement, is for the swift and unrestricted exchange of information regarding taxation issues for citizens who participate in bank transactions, dealings with stock and bond companies, specialist investment schemes and insurance companies in other countries.
Until today, Greece has signed bilateral agreements with 50 countries but by June, that number is hoped to rise to 80. In 2018, another 50 countries will be added to the number.
It is hoped that the first exchanges of information will lead to a widespread analysis of Greek taxpayers, who in previous years have not declared income in the form of bank transfers, movement of cash deposited in foreign banks and even in off-shore companies.
Apart from details of accounts held in foreign banks, it will be possible, with the information provided in the exchange, to create a financial profile for thousands of Greek citizens with “hidden” money and income from shares, trust funds, bonds abroad, which, according to Greek tax law, they were obliged to declare here.
Similar information will be sent by Greek authorities to other countries where they have citizens with financial activity in this country.