Not even 5% of the money that left the country during the
crisis was attracted by the repatriation incentives given by the government about a year ago. Of the 29 billion that "disappeared" from deposit accounts in Greek banks, a large proportion (about 10 billion euros) which the Treasury recognized sought refuge in foreign banks, 405 million euros barely repatriated by the end of 2010, which was the deadline for implementing the measure.
The figures were presented in Parliament by Deputy Finance Minister Dimitris Kouselas, noting that revenue for the state by the single 5% tax on the money returned, amounted to 23 million. The ministry will extend the regulation until the end of September demanding a higher rate of 8%.
Despite the memorandum and the movements of intimidation and persecution of those who have taken money abroad, the response to the new opportunity that given by the ministry is not be enthusiastic, as the cost of the acquisition of tax immunity is higher (8%) while the Cassandras have made a strong comeback on the future of the Greek economy.
At the same time, however, the Finance Ministry is trying to convince their owners that they risk nothing by having their money in Greece.
For this reason, a circular was issued by the Ministry of Finance, indicating that they can repatriate funds deposited in bank accounts of off shore companies belonging to residents of Greece. These funds may also be legalized even if they remain deposited abroad, as long as it is indicated who is the owner of the off shore.
by Kostis Piantzos
source: PROTO THEMA
