Greece’s tax authority said on Tuesday it had uncovered a major case of tax evasion in the Cyclades, saying a construction firm and a real estate office had hidden revenue totalling €3.1 million.
Using data analytics tools and targeted cross-checks, the unit found significant discrepancies in the tax returns of the specific companies, aiming to conceal income. The newly established DEOS unit of the tax authority said the amount concerns tax declarations submitted for 2024.
The auditors identified properties on the real estate agency’s website that it advertised as having been sold. They then visited the agency and requested the relevant documents, but found that many of the commissions received had not been declared to the tax authority.
The real estate agency had submitted an initial tax return declaring a gross income of €1 million and losses of €257,000. After the audit, the income doubled in the corrected declaration reaching €1.9 million, and profits of €229,000.
The auditors also discovered that many of these transactions had been made with the same construction company as the seller. After looking into the company, they were surprised to find that it had declared gross income of just three euros and losses of €47,000.
