Declaration of Assets Law 4571/2018
Law 4571/2018 which has amended Law 3213/2003 regarding the submission of the Declarations of Assets and Financial Interests by liable individuals was published in the Official Government Gazette (FEK A’ 186/30.10.2018).
The most important regulations introduced by Law 4571/2018 are the following:
1. Submission of the list with liable individuals on behalf of the respective employer/management body
- The authorized users (contact persons) of the respective entity in which the liable individuals for declaration of assets belong, are required to electronically submit by the end of February each year the list of individuals who have a legal obligation to file a declaration of assets and who obtained, maintained or were removed from the position during the previous year.
- The authorized users are required to submit a zero list even when there are no liable individuals to file a declaration of assets.
- Especially for year 2018 (fiscal year 2017) the lists of liable persons will need to be submitted by 17th December 2018.
2. Liable individuals for Declaration of Assets
- It is specified that the liable person for declaration of assets must be a user of Taxisnetservices.
- Individuals who have signed a co-habitant covenant with a liable person are also obliged to declare their assets in the declaration of assets.
- The same obligation applies also to separated spouses of liable individuals.
- After the filing of the declaration of assets by the liable person, the content of the declaration is also required to be approved by the spouse (even if the spouses have separated), as well as the person who has signed a co-habitant covenant with the liable person.
- In case the spouse (even if they have separated) or the person who has signed a co-habitant covenant with the liable person denies or is not able to cooperate by providing the necessary information or confirming the content of the declaration related to themselves or their underage children, the declaration will be filed only by the liable person, who will make a note of the inability and the Tax Identification Number of the other person.
- A special administrative procedure is being introduced for the first time, according to which the respective Audit Body will summon the non-cooperative persons (i.e. the spouse – even if the couple have separated – the person who has signed a co-habitant covenant with the liable person), providing them an exhaustive deadline of 90 days in order to declare their own assets as well as those of their underage children.
3. Filing deadlines
- The period between 30thOctober – end of December 2018 the website www.pothen.gr will be out of service.
- Individuals who are appointed to such positions for the first time (First Time declaration) have a 90-day deadline to file as of their appointment. Annual Declarations of assets are filed electronically within an exclusive deadline of 3 months after the income tax return filing deadline for natural persons.
- However a) annual declarations of assets of year 2018 (calendar year 2017) and b) first time declarations with appointment date year 2018 provided that they have not been filed by the publish date of the respective Law (30.10.2018) are filed between 4th January 2019 until 4th March 2019.
- Annual declarations of assets of years 2016 (calendar year 2015) and 2017 (calendar year 2016) which were not filed within the deadlines of those years, can be filed between 4th January 2019 until 4th March 2019.
- Liable individuals who have filed annual declarations of assets of years 2016(calendar year 2015) and 2017 (calendar year 2016) will be able to electronically confirm their content, provided that they will not need to amend them.
4. Changes in the content of Declaration of Assets
- The content of declaration of assets, the guides for the electronical filing and the respective tables are included into Law 4571/2018 and consist an integral part of the latter.
- For first time declarations which will be filed going forward, the first time declaration will include the information with the worldwide assets at the time the capacity/position was obtained (and not at the time of the declaration filingapplied by now). On the contrary, first time declarations with appointment date years 2016 and 2017 which have been filed by the publish date of the respective Law (30.10.2018) will need to include information of current assets at the time of the filing and no amendment is required only for this reason.
- The minimum limit of cash kept outside bank accounts is increased as well as the minimum value of valuable movable objects which must be included into Declarations of Assets. Specifically, cash kept outside Banks and Deposits should be declared, provided that the total amount exceeds €30.000 cumulatively for the liable person, the spouse (even if the spouses have separated) or the person with whom the liable individual has signed a co-habitant covenant and the underage children (vs. the previous minimum limit of €15.000). Moreover any movable object which values exceeds the amount of € 40.000 VAT included, must be declared (vs. the previous limit of the minimum value of €30.000).
5. Penaltiesfor non-compliance
- For declarations of assets filed late from the liable individuals, instead of an administrative penalty of €150-€400 provided until now, there is a new requirement for the payment of an electronical fee from the liable individual a) €100-€300 in case of a 30 day filing after the expiration of the provided deadline or b) €300-€800 in case the declaration is filed after the above 30 days.
- A failure to file a declaration of assets within 60 days after the expiration of the deadline or filing of an inaccurate declaration results in the imposition of criminal sanctions. It is clarified that the declaration is considered inaccurate, when the declared assets or their increase are not justified by the legally acquired income of the liable person.
- Criminal sanctions are also imposed in case the spouse (even if the spouses have separated) or the person who has signed a co-habitant covenant with the liable person, who initially denied or was unable to cooperate (by providing the necessary information or by confirming the content of the declaration related to them or their underage children), fails to declare his/her assets or those of the underage children within the 90 day deadline since he/she is summoned by the audit authority in the context of the special audit procedure.
- A failure of the employer to notify the relevant Authority of the list of persons liable to file declarations of assets by uploading the respective list in the relevant database may result in the imposition of sanctions against the employer’s contact persons.
This document contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global EY organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.
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