After the 2026 tax return filings, the Independent Authority for Public Revenue will closely inspect individuals’ and businesses’ bank accounts to locate unusual deposits, withdrawals, payments and portfolio holdings that do not square with the level of declared incomes.
To do so, they will utilize a system called Bank Account Nexus Crosscheck Application (BANCAPP). Banks are supposed to send all relevant files within two working days unless they concern transactions beyond the past five years, in which case they are given five days. To skirt bank confidentiality rules, tax authorities must provide compelling reasons.
The tax agency will also examine insurance policies, private clinic bills and utility bills; for example, an especially high water bill could hide an undeclared swimming pool.
Undeclared income will be taxed at 33%.
