ECONOMY

Online payments are meeting taxman’s requirements

online-payments-are-meeting-taxman-s-requirements

Despite the restrictions due to the pandemic, the Finance Ministry is insisting on the requirement for 30% of taxpayers’ expenditure to consist of online transactions, which if not met will entail a fine.

Officials feel vindicated as bank data are showing a rise in electronic payments even by workers who have had their labor contracts temporarily suspended or work only half the days of each month.

This means that after almost seven months the annual requirement for most individuals has already been covered and they do not risk being slapped with a fine of 22% of the difference between their online transactions and the 30% threshold.