Greece, US sign deal on tax compliance and foreign bank accounts

Finance Minister Euclid Tsakalotos and U.S. Ambassador to Greece Geoffrey Pyatt signed on Thursday a bilateral agreement to improve international tax compliance and the implementation of the law on Foreign Account Tax Compliance Act (FATCA), as well as the relevant memorandum.

The deal, which forms part of the OECD’s standard guide on information exchange, along with the existing Electronic Cross-Check System for Banking Transactions and Tax Returns are strong tools in the service of the Greek tax authorities in their efforts to tackle tax evasion and find undeclared incomes, the finance ministry said.

In the press release, the ministry also invited citizens with undeclared incomes to utilize the law and reveal them voluntarily.