Fiscal subject related
On a technical level, strong reactions were expressed by officials of the European Commission and the European Central Bank who believe that there should be an "air" of cash in trade and in other sectors. In other words, it was stated that cash transactions support a part of the economy that cannot be served in other ways and therefore needs to remain active.
In the case of the reduction to 200 euros, moreover, the 500 euro banknote would then need to be completely excluded from transactions, which could create problems in the banking system as well.
So the Ministry of Finance is focused on expanding the mandatory acceptance of payments with debit or credit cards, through POS (EFT) machines, in all business activities, even in small cities and villages, rather than lowering the cash payment limit at this time.
Amid further discussion, almost at the end of the process, the Greek authorities have given up on the idea of reducing the limit for cash payment of transactions. Therefore, the current cash payment limit still stays at the 500 euro mark.
Other news from Greece
Final countdown for POS-Cash Register Interconnection in Greece
Without further delays, the project of interconnecting cash registers with POS card payment terminals is proceeding until February 29, 2024. From the competent bodies, the businesses are reminded that February 29 is the deadline for the interconnection of cash registers with POS after the extension given by one month by a joint decision of the Minister of Development, Mr. Kostas Skrekas, and the... Read more
New document was uploaded: Recorded webinar: It’s time to grow together
In this discussion, we have introduced our new partner program and what is essential for international growth, while dealing with topics such as - Success factors for POS applications - What does globalization mean? - How to grow globally? Furthermore, we presented benefits for our partners. Last but not least, we presented our fiscal cloud architecture and its important features.You can down... Read more
Application of the correct VAT rate for non-alcoholic beverages, juices, and beverages sold by restaurant and catering businesses in Greece
The Greek Tax Agency has issued Circular No. E.2005 clarifying when the usage of the reduced VAT rate for catering services and non-alcoholic beverages is applied and when the regular, i.e., standard VAT rate is applied when it comes to the mentioned services and products. In short, different VAT rates (24% and 13%) apply to non-alcoholic beverages depending on whether they are for on-site consum... Read more
How do Greek authorities plan to fine taxpayers who do not comply with interconnection rules?
Those who have not installed POS by March 1st or have not enabled instant payment acceptance will be fined €1,500. To avoid delays, a special working group has been set up to monitor the implementation of the project "Interconnection of Electronic Cash Registers with POS Systems and with AADE.". It is noted that almost all categories of professional sectors in the retail market now have to accept... Read more
There are no plans for further extensions for EFT-POS and cash register interconnection in Greece.
The Ministry of National Economy and Finance states in an absolute way that no new extension will be given and the interconnection of cash registers with POS, which is one of the challenges of 2024 for the financial staff, will be completed within the first months of the year. The current timetable foresees that the interconnection procedures should be completed by February 29, 2024, and by March... Read more
How will the Greek tax administration use online data to audit businesses?
The Greek tax administration (AADE) intends to launch sweeping audits of businesses based on the average turnover per sector and what self-employed professionals and businesses have declared on the myDATA electronic platform. According to information, AADE now has in its hands qualitative data from those declared on the electronic platform and, at the same time, average figures per sector. Based... Read more
The project of connecting the cash registers and tax mechanisms with the card readers (POS-EFT) and the electronic systems of the Independent Authority for Public Revenue (AADE) in Greece
The Greek government is currently in the process of a big project to connect the cash registers and tax mechanisms with the card readers (POS-EFT) and the electronic systems of the Independent Authority for Public Revenue (AADE). This project aims to enhance the transparency of transactions and the fight against tax evasion, emphasizing modern ways of payment as well as keeping up with the transac... Read more