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Economy

Almost 85% of Fines Assessed Greek Tax Delinquents Uncollected

ATHENS – Only 15.6% of the €1.955 billion ($2.1 billion) in fines assessed in Greece in 2023 for unpaid taxes were collected, following audits that uncovered widespread evasion.

Merely €305.7 million ($327.29 million) was remitted to the Independent Authority for Public Revenue, with no explanation provided for the remainder, nor any mention of prosecutions. Tax evasion is rampant in Greece, partly due to tax rates reaching up to 45%.

The agency is grappling with years of backlogs, and many wealthy individuals go undetected because they conceal their assets in offshore bank accounts in tax havens like Switzerland.

In 2023, Bank of Greece Governor Yannis Stournaras stated that tax evasion in the country surpassed €60 billion ($64.23 billion), much of which is unlikely to ever be recovered, as legal proceedings can take up to a decade or more to initiate.

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