Greece will proceed with name-and-shame treatment for tax dodgers

Athens - Greek companies and individuals accused of major tax evasion will have their names published online starting in a few days, part of a new Greek government initiative to replenish its coffers, according to newspaper reports Tuesday.

'The names of companies that owe large sums of money in taxes will be published on the internet in the next few days,' Finance Minister Evangelos Venizelos was quoted as telling parliament.

Greece's ruling Socialist PASOK government said it made the decision to publish the names of tax dodgers after receiving widespread public criticism for its inability to crack down on tax evasion.

The government said tax evaders owing sums of more than 150,000 euros (216,200 dollars) would be targeted in the new name-and-shame campaign.

According to Finance Ministry statistics, some 900,000 people owe a total of 41.1 billion euros to the state, but nearly 85 per cent of the outstanding amount is owed by just 5 per cent of tax dodgers.

A report published in the Athens daily Kathimerini newspaper said that Athens is also close to reaching an agreement with Swiss banking authorities to obtain the details of Greeks who have deposited large amounts of money in the country.

Greece is in the midst of a major financial crisis and has avoided bankruptcy after receiving two successive international bailouts worth a total 220 billion euros.

The Socialist government has agreed to a wave of austerity measures, which include tax increases and salary cuts, in exchange for the emergency funding.

Top-ranking officials from the European Union and IMF - International Monetary Fund are currently in Athens to review the debt-ridden country's austerity programme before deciding whether to release a new batch of rescue loans totaling 8 billion euros next month.

News reports said foreign officials apparently rebuffed appeals by the government for more time to meet targets aimed at reducing the country's massive budget deficit, insisting that authorities move faster on implementing an across-the-board wage structure for public sector employees and slashing public spending.

EU and IMF officials, who are meeting with officials from the finance and labor ministries, showed no willingness to renegotiate the deadlines to which the government has committed itself, reports said.

The inspectors, who are also to discuss other issues - including tax evasion - with the Greek finance minister, are to wrap up their meetings by September 5.

(Published by M & C - August 30, 2011)