Tax office traces €0.5bn undeclared cash

The tax office has traced almost €0.5bn which was deposited abroad to avoid taxation, reports the AD newspaper on Wednesday.

The foreign deposits were voluntarily reported to the fiscal authorities under an amnesty scheme.
Since the beginning of this year some 1,881 people have reported their as yet undeclared savings to the tax office to avoid paying a fine for tax evasion, the paper says.
Most of the ‘hidden’ money has been placed in Swiss accounts, followed by Luxembourg and Belgian banks.

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