The Greek Ministry of Finance, alongside the government, is setting aside the plan it was working on to reduce the limit of using cash for payment of transactions to 200 euros from the 500 that applies today.
The cash payment transaction limit will for now remain at 500 euros as the Greek Ministry withdrew the proposal in the end for the previously announced change
Public
Greece
Author: Kristina Dosen
Category:
Fiscal subject related
Views:
1673
Content accuracy validation date:
27.03.2023
Content accuracy validation time:
08:59h
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
New document was uploaded: Recorded webinar: E-invoicing for Global Retailers
Public
All countries
Author: Kristina Dosen
If you are struggling with complex e-invoicing implementations across multiple countries, and if you are concerned about mounting costs, potential delays, or compliance risks, our webinar will help you to learn how global retailers can streamline e-invoicing efficiently! With countries worldwide mandating e-invoicing, international retailers face unique challenges adapting to new regulations acros... Read more
A proposal for VAT in the digital age (ViDA) has been approved.
Public
Author: Nikolina Basić
The EU's Economic and Financial Affairs Council (ECOFIN) has approved the Value Added Tax in the Digital Age (ViDA) proposal, aiming to modernize VAT rules and combat tax fraud. ViDA introduces key measures like Digital Reporting Requirements (DRR), VAT collection for the platform economy, and expanded Single VAT Registration, with implementation planned from 2027 to 2035. Businesses must prepare... Read more
Electronic payments increase in Greece due to taxation projects in the past year
Greece
Author: Tara Nedeljković
In Greece, electronic payments surged in the past year due to initiatives like the interconnection of POS systems with cash registers to combat tax evasion, resulting in a 10.3% increase in VAT revenues in the first half of the year. Let's find out more on the observed increases! Read more
Further clarifications on tip taxation in Greece
Public
Greece
Author: Tara Nedeljković
Greece
Author: Tara Nedeljković
Starting November 1, Greece will make tips up to 300 euros per month tax-free for catering and personal care workers, with any amount above this threshold subject to tax. Tips paid electronically will be automatically reported by employers as additional income, exempt from insurance contributions, and taxed if they exceed the monthly limit. Recent clarifications on tip taxation in Greece have been... Read more
Greek authorities announce clarification on taxation of tips effective November 1st.
Greece
Author: Tara Nedeljković
Following the Greek Supreme Court decision, the Greek Ministry of National Economy and Finance has announced a significant change in the taxation of tips, effective from November 1, 2024. Here is what is about to come soon! Read more
The Greek Supreme Court provides a decision on handling tips and their taxation in Greece.
Greece
Author: Tara Nedeljkovic
A recent ruling by the Greek Supreme Court has significant implications for how tips given by card to wait staff and delivery workers are managed and taxed in this country. Let's find out more about this! Read more
Greek Tax Authority has published a Press Release – a reminder for compliance of payment systems and tax mechanisms
Public
Greece
Author: Tara Nedeljkovic
Greece
Author: Tara Nedeljkovic
The Independent Public Revenue Authority (IAPR) as the Greek Tax Authority proceeded to send over 50 thousand reminder e-mails to professionals and businesses that have not yet completed the interconnection of their cash systems with the EFT-POS they have. In the Press Release, the obligated subjects are informed that: The deadline for the link expires on September 30. The fine for not linking... Read more