(Tax News Reporter Week Ended 19 November 1996)
On the basis of Presidential Decree No. 1212 (see Tax Alert 10/96 of 27 August 1996), taxpayers in arrears ("payment defaulters") must assign one bank account as their default bank account, whilst the use of other bank accounts will be significantly restricted. If a payment defaulter does not comply with this rule, all bank accounts may be frozen. Banks should notify the tax inspectorate of bank accounts opened by taxpayers. Failure to do this may result in an administrative fine of 100 times the minimum monthly wage (currently equalling US $ 1,300) imposed upon bank officials.
Letter of the State Tax Service, Ministry of Finance and Central Bank of 4 November 1996 No. PV-6-05/758, 3-B1-01, of 28 October 1996 No. 351 and Letter of the State Tax Service and the Central Bank of 1 November 1996 No. PV-6-10/756 and 30 October 1996 No. 353
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Enforcement / Payment Defaulter Bank Accounts
