In Greece’s ongoing collapse into utter farce, The Greek finance ministry confirmed some more details of the long-planned registration of all kinds of private wealth that will go into effect in February 2017. As KeepTalkingGreece reports, more than 8,500,000 tax payers registered in Greece will be called to declare all moveable and immovable assets, their total “wealth”, and even cash they possess even if it is below 100 euro. Furthermore, the taxpayers will have to register changes in their assets when they occur and not annually.

Tax authorities will upload on their website pre-filled data like real estate, declared income, income from rents, loans, vehicles etc – practically the pre-filled data will refer to data given by taxpayers in their income declaration.

And under the new scheme, Greeks are mandated to have registered everything they own, with taxpayers having to add moveable and immovable possessions such as paintings, antiques, jewelry, even historical weapon, etc but also the cash they have in their wallets or under the mattress.

“Taxpayers must declare all the cash they have in their hands, even one euro!” an official from the Finance Ministry told newspaper To Vima on conditions of anonymity.

The Greek finance ministry apparently does not know yet what value the taxpayers will have to declare if they possess a necklace and a ring, a painting made by the cousin and a sculpture made by the sister in the ceramics course. The Ministry has also no idea, who will estimate the value and how.

Within a month, the taxpayer will have to submit a modification statement, if there are any changes in his possessions status.

“This will affect any case of property transfer or acquisition, but not of income, which is being declared each year, and are directly updated by the tax authorities. To Vima stresses.

Read the Full Article: Source – Zero Hedge
Time For Truth: (Zero Hedge) – Wealth Tax Looms As Greeks Forced To Declare All 'Assets' To Tax Authority (08-2016)

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