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Amendments to the VAT and Tax Collection Law
24.06.2014
Area(s) of Practice: Налоговое право

The Value Added Law [95(Ι)/2000] and the Tax Collection Law [31/1962] were amended, with the aim of strengthening the powers of the tax authorities, namely the VAT Commissioner and the Director of the Inland Revenue Department (IRD), to ensure payment of outstanding tax obligations.

Under the new amendments, the said authorities are vested with the power to attach assets and prohibit the alienation or use of assets, including property and bank accounts, by the taxpayer. In particular, following the approval of the Attorney General of the Republic, the VAT Commissioner or the IRD Director, as the case may be, shall have the power to create an encumbrance on immovable property (in cases where the amount due exceeds EUR 5000), confiscate movable assets or seize funds in bank accounts (in cases where the amount due exceeds EUR 3000). However, both laws mandate that, in cases of seizure of funds in bank accounts, the first EUR 2000 in a debtor's account shall remain untouched.

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