BUSINESS

Demanding rule for online payments to start applying

PROKOPIS HATZINIKOLAOU

TAGS: Finance, Taxation

Taxpayers will need to remember to use their credit and debit cards from the start of the new year, as they will need to make online payments amounting to at least 30 percent of their income over the 366 days of 2020, or face a hefty fine.

According to the new law, salary workers, pensioners, property landlords, freelance professionals and farmers must implement electronic transactions (through debit or credit cards, e-shopping etc) worth no less than 30 percent of their declared earnings, otherwise the fine they will face will amount to 22 percent of the gap between the amount reached and the amount they should have reached.

However, the amount of the income used for the calculation of the online payment requirement will have their solidarity levy deducted, while any alimony payments to former spouses will also be excluded.

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