Greece’s tax auditors uncovered a €3.1 million tax evasion case involving a real estate agency and a construction company in the Cyclades, after a review of their 2024 tax filings revealed major undeclared income.
Inspectors from the Directorate for the Enforcement of Tax Compliance, known as DEOS, led the investigation under Greece’s Independent Authority for Public Revenue. They used targeted cross-checks, detailed audits, and advanced digital tools to compare business activity with declared revenue.
Digital checks exposed undeclared real estate commissions
Auditors first focused on a real estate agency after algorithmic analysis flagged properties that the company had advertised online as sold. Inspectors then visited the agency’s offices and requested the relevant sales mandates and supporting documents.
Their review showed that the company had not declared several commissions linked to those property transactions.
The real estate agency had initially filed a tax return showing gross income of €1 million and losses of €257,000. After the audit, the company submitted an amended return. Its declared revenue rose to €1.9 million, while the company moved from losses to profits of €229,000.
Construction firm had declared just €3 in revenue
The audit then led inspectors to a construction company that appeared as the seller in several transactions handled by the real estate agency.
When tax officials examined the construction firm’s declaration, they found that it had reported gross revenue of just €3 for 2024, along with losses of €47,000.
Following the audit, the company also submitted an amended tax return. Its declared revenue increased to €2.2 million, while its profits rose to €615,000.
Authorities continue review of Greece tax evasion case in the Cyclades
Greek tax authorities continue to examine the accounting records of both companies, as inspectors look for possible additional violations.
The case highlights the growing role of digital monitoring and data analysis in tax enforcement in Greece, especially in sectors such as real estate and construction, where high-value transactions can create significant opportunities for undeclared income.
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