Shops to get online link with Finance Ministry

By Prokopis Hatzinikolaou

Company cash registers will be connected to the Taxisnet electronic system of the Finance Ministry in the first three months of 2013, ministry officials have said.

The online link between shops and enterprises to the ministry’s database means that payment and receipt of value-added tax will be conducted in real time, putting an end to the VAT statements that companies currently have to submit at regular intervals.

The new system will allow VAT to be credited directly to the state’s account and once the process begins, authorities hope it will bring an end to the issuance of bogus invoices and will curb VAT payment evasion.

They say that this technology constitutes a much more effective tool for combatting tax evasion than anything that has been used to date, as it allows the ministry to be informed in real time of a transaction at the same time as a receipt is issued by an enterprise.