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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
Certain businesses in Greece will need to display a card payment sign or risk facing new fines
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A special sign that they accept payments with cards should be carried by several categories of businesses in Greece that are operating in sectors where high rates of tax evasion are recorded. Those who fail to have it will face a fine of 1,000 euros. A provision included in an amendment submitted to Parliament by the Ministry of National Economy and Finance provides that "the Minister of National... Read more
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Greece's FIM and POS card terminal integration question was answered
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Among frequently asked questions regarding the interconnection of EFT-POS terminals to devices for FIM recording transactions in Greece, one particular question stands out. If a business operating in Greece uses multiple FIMs (i.e., fiscal devices) for retail transactions conducted in Greece, along with their EFT-POS terminal for card payments, Is it necessary for each FIM to be directly connected to a specific POS terminal, meaning one FIM per POS terminal, or is that not necessary? Read more
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The Greek AADE postpones compliance deadlines for certain types of POS systems, including those in catering
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The Greek AADE has published some new deadlines, thereby postponing the previous timeline for the interconnection of POS-EFT with fiscal devices in Greece. In that sense, mechanisms allow the replacement of EAFDSS, or simple FIM, for businesses operating in the catering sector, serving on tables and with chairs, with cash registers that can comply with new requirements. Let's find out more about this! Read more
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Greece solidifies the 13% VAT rate for certain services.
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The Greek Ministry of Finance has confirmed that the COVID temporary VAT rate of 13% on taxis (transportation services considered as taxi services) and on takeout or delivery of non-alcoholic beverages will now become permanent. The mentioned VAT rate was reduced from 24% down to 13% with the aim of only being a temporary reduction when it was first introduced, but the authorities have decided dif... Read more
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VAT on cryptocurrency sales in Greece, yes or no?
The Greek Tax Administration has determined that the sale of cryptocurrencies is subject to VAT (value-added tax). This decision is based on the fact that cryptocurrencies are not officially recognised by the state as a legal means of payment. Therefore, they do not benefit from the VAT exemption that applies to foreign exchange transactions, banknotes, and coins that are considered legal tender.... Read more
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New document was uploaded: Overview of fiscalization in European countries
This document contains an overview of the presence of fiscalization and its types in all European countries. Read more
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Press release on AADE website, public.
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The Greek Independent Authority for Public Revenue (AADE) has granted a crucial extension to 7,600 businesses facing technical challenges with their fiscal devices (FIM) and POS-EFT systems. Despite meeting all requirements for interconnection, these businesses encountered insurmountable compatibility issues between their systems. Recognising the dilemma, AADE, led by Governor George Pitsilis, ha... Read more
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