Greeks told to declare THIS in their tax returns

Greeks must now declare THIS in tax returns
Greeks must now declare THIS in tax returns

Greek politicians, journalists, and civil servants are being asked to declare any large sums of cash or precious metals they may have stashed at home as part of the overhaul of the country's tax returns.

First reported by the Greek business news website, the new addition to the rules mean Greeks will have to declare any cash holdings above 15,000 euros ($15,888) - outside of a bank - and any jewelry and precious stones worth over 30,000 euros.

The rules only apply for the whole household and will come into effect on January 1, 2016. It forms a "joint ministerial decision" by the Ministry of Justice and Finance, according to, and sets out a new category of Greece's online tax declaration, called the "assets declaration."

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The tax form - posted on the website - also states that the decisions on the new tax declarations have been taken for the "support and development of the Greek economy." It also highlights that this new assets declaration process will initially apply to just lawmakers, journalists, and public servants but could be extended to all taxpayers.

The embattled Greek economy is currently undergoing its third bailout from its international creditors, which include the European Central Bank, International Monetary Fund and its fellow euro zone countries. The new rules on tax self-assessment could raise some much-needed cash. However, it will surely also raise some eyebrows on logistical issues and how it will be regulated and perhaps even alert some taxpayers after a Cyprus bailout in 2013 included a levy on bank deposits.

Greek-born Philip Ammerman, the co-founder of London-based investment advisory Navigator Consulting Group, told CNBC via email that there is no way any Greeks "in their right minds" would declare any form of liquid asset, particularly assets that are already out of the banking system and at home.

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"Remember that (the ruling Syriza Party) promised to eliminate the ENFIA tax (tax on property) while in opposition and in their first seven months of power. They've since reneged on that in a big way, and people are furious," he said.

"The last thing anyone wants now is to be assessed for more tax, again especially since Syriza has spent all these years in opposition (and all these months in power), announcing that these taxes are unconstitutional and are being used to pay off loan sharks and terrorists."

The new declaration rule was reportedly made before the left-wing Syriza Party came into power in January. The party was not immediately available for comment when contacted by CNBC.

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