ATHENS: Greece is proposing to legalize tax-dodgers’ undeclared money for a fee, a way to raise money as the country tries to reach a deal with creditors to get more bailout money and avoid default.
Finance Minister Yanis Varoufakis said Tuesday he is considering a 15 percent levy on undeclared foreign deposits, and double that rate on undeclared deposits in domestic banks, as an enticement for tax-dodgers to legalize their assets.
The idea comes as the cash-strapped country is struggling to complete negotiations with bailout creditors over reforms required for it to get a vital 7.2 billion euro, or $7.9 billion, as a rescue loan payment. The new, radical left-led government in Athens says that without the money it can’t make a debt payment to the International Monetary Fund on June 5.
