The Greek government has expanded the list of professional sectors obliged to accept card payments via POS (point of sale) devices in an effort to further curtail tax evasion.
The detailed list, decided upon by the by the Ministry of National Economy and Finance and the Independent Authority for Public Revenue (IAPR), is expected to be officially issued by the end of the month.
The list was expanded to include a slew of professionals and businesses in the retail market, including taxis, cinemas, street markets, kiosks, grocery stores, insurance companies, brokerage firms, gyms, parking lots.
With the expansion of POS, the number of card transactions is expected to increase, which according to the data of the Bank of Greece reached 49 billion euros in the first half of 2023.
According to the Financial Stability Report of the Bank of Greece in the first half of the year, the volume of card transactions reached 1.048 billion euros, a 2 percent rise, while the corresponding value was 49 billion euros, registering a decrease of 3 percent.
Data showed that digital transactions resulted in an increase in VAT revenues and the limitation of the circulation of “black” money, while the increase is estimated to broaden the tax base, facilitate the work of control mechanisms and limit tax evasion.
The average number of transactions per card was up to 52, from 50 in the previous half.
Debit cards continue to be the primary substitute for cash and continue to be widely used for small value transactions. The average number of transactions per debit card stood at 56 transactions, up from 53 in the previous half, while the average number of transactions per credit card was unchanged at 27 transactions.
