You are viewing post No taxation with electronic payments from 2017

On 11/12/2016 a consolidated bill was submitted at the parliament with the title «Code on bankruptcy, administrative justice, levies, duties, voluntary disclosure of undeclared income, electronic transactions, amendments to the Law 4270/2014 and other provisions». The provisions relating to electronic transactions, provides, inter alia:

Under this bill, the amount of transactions between consumers and enterprises, over which the transactions will be made exclusively on a cashless basis, is reduced from 1.500 to 500 euro, and the payment by cash for the amounts over 500 euro will not be accepted. In addition, there was established a lottery program for transactions carried out by bank transfer, for the annual amounts, exceeding 12 million euros.

Furthermore, it is provided, that the taxpayers from 2017 will be eligible for exemption from tax in case of payment by bank transfer, at least 10% for income 1-10.000 euro, 15% for income 10.000,01-30.000 the euro, and 20% for income 30.000,01-60.000 euro. In addition, there are predictions related to exemptions from regulation for certain categories of citizens, tax discounts for covering other expenses (eg, medical), carried out by electronic payment instruments, providing the additional incentives to encourage electronic payments and other special provisions, that are assumed to be included in the new law, the adoption of which is expected.

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No taxation with electronic payments from 2017
No taxation
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