ADE: In the target the taxpayer’s bank accounts for cross-checks with the declarations

Millions of banking and legal persons will soon be targeted, using the new AADE system, which will scan all their movements, according to a daily report. This is the Bank Account Nexus Crosscheck APPplication or BANCAPP which automatedly automated the reporting and information process involving controlled natural and legal persons. Tests have already begun between IRS, Greek Association of Banks and Credit Institutions and will be put into production in the coming period. Large systemic banks state ready to activate the new system, while smaller banks are expected to request an extension. The BANCAPP shall collect and make use of the data of the financial products and analytical financial transactions file, bank accounts, payment accounts and other financial products and analytical financial transactions of VAT for which an audit order has been issued. The audit concerns both deposits, repo, insurance products, derivatives, shares and loans and lockers. As reported by tax administration, according to the same report, by issuing an income control order, automatically, without human intervention, a request will be sent to BANCAPP. Within two days the ADE will have the relevant responses to the bank accounts and assets of the last five years. These figures will be cross-checked with tax returns in order to determine whether the amount of movable property and the subsistence costs are justified by the income they present to the tax office. If not covered it will be considered an unjustified increase in property and the excess amount will be taxed at a rate of 33%.