Greece mulls levy on undeclared deposits to raise cash
Tuesday May 26, 2015 10:55
ATHENS, Greece (AP) — Greece is considering a 15 percent levy on undeclared foreign deposits, and double that rate on undeclared deposits in domestic banks, as an enticement for tax-dodgers to legalize assets.
Finance Minister Yanis Varoufakis says he is also thinking of imposing a charge on cash withdrawals from bank ATMs and on over-the-counter transactions, to encourage electronic banking and fight widespread tax evasion.
Greece's radical left-led government is locked in negotiations with bailout creditors over reforms demanded in return for a vital rescue loan payment — without which the government says it can't make a debt payment to the International Monetary Fund on June 5.
Speaking at a press conference Tuesday, Varoufakis insisted that the payment will be made because a deal will be struck by then.
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