In the context of the implementation of the measures taken by the government with the aim of effectively cracking down on tax evasion and eliminating underground economy practices, the Minister of Development Kostas Skrekas and the Deputy Minister of National Economy and Finance Haris Theocharis co-signed the Joint Ministerial Decision (JMA), which provides for pedestals revision of previous arrangements for accepting means of payment by card, as well as other modern payment methods.

In particular, according to the new KYA, the obligation to accept payment by card (debit or credit) is extended to an additional 35 (KAD) branches of the Greek economy.

Also, professionals in all retail and consumer services sectors, from 1.1.2024 onwards, will be required to accept both card payments (debit and credit) and direct payment services by transferring money between bank accounts, such as IRIS online payments service.

See the table with the new KAD:

The Minister of Development, Kostas Skrekas, made the following statement: “Our priority is limiting tax evasion, facilitating and protecting the consumer. With the Joint Ministerial Decision of the Ministry of Development, in collaboration with the Ministry of National Economy and Finance, the use of electronic means of payment is expanded in order to facilitate consumers in their transactions with merchants and at the same time to strengthen the security of transactions. Expanding the use of electronic means of payment is crucial to protect the rights of consumers, consistent taxpayers and businesses, as electronic payments ensure secure transactions and healthy competition between businesses. In this context, I would like to reiterate the commitment of the Ministry of Development to deal with illegal actions in the market and to defend the interests of the consumer with every means offered by the legislative arsenal of the State”.

Commenting on the signing of the MOU between the Ministry of National Economy and Finance, and the Ministry of Development, Mr. Theoharis pointed out: “The Government of the New Democracy, in absolute compliance with its strategic planning and pre-election commitments, is moving forward with decisive initiatives in campaign to eliminate the shadow economy in our country. Today, with the MOU that we signed with the Ministry of Development, we are taking a crucial step in combating tax evasion. Establishing the obligation of businesses to accept card payments, IRIS, etc. on the one hand we are modernizing the field of daily commercial and consumer activities. But on the other hand – and here lies the essence – we are greatly upgrading the transparency and security of transactions, making the scope for tax evasion, which thrives with the use of money in physical form, suffocating.

The KYA is directly applicable to the expansion of the use of electronic means of payment in the entire market. Also, with regard to the sanctions in cases of non-compliance, the decision stipulates that for the period from 01.02.2024 to 01.03.2024 the imposition of a fine on the new debtors is exceptionally suspended, as long as it is proven that they have procured card acceptance terminals up to and 31.01.2024 and are waiting for its installation in their business.

Finally, it is noted that the beneficiaries of payment by electronic means based on the KYA are excluded a) visually impaired persons with a certified disability rate of 80% or more, and b) vending machines until 31.12.2024.