BUSINESS

POS rules become stricter for non-compliant businesses

TAGS: Economy, Business

Businesses that are by law required to offer customer the option of paying by debit or credit card will face stiffer treatment for failing to comply following a decision by Deputy Finance Minister Katerina Papanatsiou on Tuesday.

According to the ANA-MPA news agency, Papanatsiou has ordered stricter regulations for those categories of enterprises that since the end of last month can no longer conduct business on a cash-only basis – such as cafeterias, bars and restaurants – as part of the government’s bid to crack down on tax evasion.

In the event that a business is found not to have purchased a point-of-sale (POS) terminal allowing for card payments, the owner or manager will have 30 days to comply or face a hefty fine, Tuesday’s decision said. The previous rule was that businesses would have to show a certificate proving they ordered such a machine from their bank in order to avoid a fine.

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