The Hellenic Revenue Service (AADE) is to gain direct access to the bank accounts of citizens and businesses, with the aim of fully and automatically controlling financial transactions. The new interface will allow the Tax Authority to monitor deposits, withdrawals, transfers, payments and card movements in real time.
The plan, which is expected to be implemented in 2026, foresees that bank accounts will be the main control mechanism for cross-checking income and turnover. Through the sending of remittances and the analysis of movements, it will be determined whether the amounts shown are consistent with the declared data.
The electronic interface with the financial system will be permanent, providing the AADE with the ability to collect and utilize bank account, prepaid and credit card data. In this way, controls will be carried out continuously and without delays.
Permanent lifting of banking secrecy
The new process essentially entails a permanent lifting of banking secrecy and real-time monitoring of all financial movements. This includes deposits, withdrawals, transfers between accounts, as well as payments to individuals or legal entities through banks.
In addition, payments made with prepaid and credit cards, as well as the repayments of balances on these cards, will be monitored. The AADE will thus have a complete picture of every type of transaction related to banking instruments.
The inspections carried out today
Thousands of taxpayers are already undergoing electronic cross-checks as the AADE examines high-value transactions that took place last year. The focus is mainly on freelancers, businesses and other categories of individuals.
Banks and other credit institutions are required, by the end of February of each year, to electronically transmit to the AADE all data on large deposits, withdrawals and investments in securities such as shares, bonds and mutual funds.
At the same time, by April 30, 2025, they will have to send data regarding remittances, checks, card payments and other transactions of significant value, especially for professionals and legal entities.
Cross-references and supporting documents
If the checks identify amounts that are not covered by the declared income, taxpayers will be asked to justify them. They will have to provide evidence that documents the legal origin of the money, otherwise the prescribed tax penalties will be imposed.
Although the press releases will range from very select to rare, I said I'd pass...because sometimes the editors hide.
