Finance Minister Rimantas Šadžius insisted that the new rules will not infringe on people’s privacy, since the government will not have access to detailed account statements.
“If tax inspectors see big sums of money flowing into an account, but its holder officially declares big income, no one will be asking any questions. However, those who officially say they make the minimum wage, but have big money circulating in their accounts, should be worried,” Šadžius said.
As of next year, a new legal amendment, aimed at reining in tax evasion, will oblige commercial banks to share information about depositors whose annual transactions exceed €15,000 or who keep more than €5,000 in their accounts at the end of a year.
About one tenth of all count holders in the country will fall under the criteria, Finance Minister Šadžius said.
“After getting information from a bank about account balance at the end of the year, the tax inspectorate will not have access to account statements. The sharing of information will be automatic so as to be as little of a nuisance as possible for people,” he said.
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