BUSINESS

New firms will have to accept card payments

TAGS: Economy, Finance, Business

Companies that are founded from next year onward plus a range of sectors of the Greek economy will only be able to accept payment via debit or credit card, according to a plan being drawn up by the government as a means of stamping out tax evasion.

The plan, which has yet to receive the final approval from the country’s lenders, foresees all new companies having to be equipped with point of sale (POS) terminals that can accept credit and debit cards. The same will apply to numerous professions. These will include doctors, lawyers, electricians and plumbers, which are all professions where tax evasion is thought to be rife.

It will also be compulsory for companies in some parts of Greece, starting with areas that rely on tourism, to start accepting card payments.

Companies that employ the system and also use a single card for all their expenses will be excused from having to submit their accounts to the tax office each year as all the details will already be available to authorities electronically.

The government is further planning to offer incentives to consumers to use their cards. These include being entered for annual draws, where the winners will be given apartments. The government is also aiming to come to an agreement with the card issuers so that they offer greater rewards to customers using their cards for purchases.

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