Tax concessions only for plastic money transactions in new bill

17 June 2016
211 Views

The Greek government is planning to introduce a new draft bill on plastic money by the end of July that will affect Greek citizen’s everyday transactions. According to newspaper ‘Ta Nea’, Greek taxpayers will be obliged to declare paper and digital receipts for both cash and card transactions between 10 to 30 per cent of their total income in 2016 for their 2017 tax statements, while the Taxation Office will only recognise tax threshold concessions for plastic money transactions from 2018 onwards. The receipts that someone can write off are:

10% for 10,000 Euros income

15% for 10,001-20,000 Euros income

20% for 20,001-40,000 Euros income

30% and over for 40,001 Euros income and over

There will be property lotteries for professionals who are considered as high risk tax evaders if they declare over the limit of plastic money transactions and cash reimbursements for use of cards in transactions. All receipt machines will be online with the General Secretariat for Public Revenue, while all professionals will have to have a POS machine. Other matters of interest to professionals include a fine for professionals refusing to issue customers receipts for plastic money transactions; all cards and bank accounts are identified via tax file number; every new professional or businessman will have 10 day to procure a POS machine.

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