POS throughout the economy
Card terminals to be mandatory for the 35 remaining sectors where they have been optional
The government is proceeding with the expansion of card terminals (POS) in 35 sectors of the Greek economy from January 1, 2024.
According to the draft decision, 100% of economic activity is now covered and immediately after the passage of the tax bill, the conditions and fines for those who do not comply will be made public.
The decision will require all professionals to maintain professional accounts and accept all means of payment. Otherwise, fines of up to 1,500 euros will be imposed.
As an exception, it is stipulated that for the period from February 1 to March 1, 2024, the imposition of a fine on new debtors will be suspended if they have proven they have procured card terminals by January 1 and are awaiting their installation.
According to the draft decision processed by the Independent Authority for Public Revenue (AADE) and the ministries of Finance and Development, as of January 1 the obligation of having a POS will also concern, among others, taxi drivers, those active in life insurance, street markets, estate agents etc. According to Finance Ministry sources, the declared incomes are expected to rise sharply with the expansion of POS. For example, they explain, today a taxi license owner declares an average gross income of €28,540 and a net profit of €3,726. With the mandatory installation of POS, the largest part of the citizens will pay by card, as will also happen in street markets. This will reveal a large part of professionals’ real incomes, both gross and net.
It is noted that out of a total of 676,000 self-employed, 32.7% declare either zero income or losses. Additionally, 25.5% declare incomes up to €5,000.
New terminal obligees will have to declare the POS they have in the register that has been created.
In addition to the terminals linked to Greek banks, the terminals located abroad will also be declared. It is noted that it is not illegal for a business to have a foreign POS (installed by a foreign payment service provider), as long as this is declared to the tax office.
