THE New year of 2024 brings POS to the entire retail market as well as Joint Ministerial Decision signed by the Minister of Development Kostas Skrekas and the Deputy Minister of Finance Haris Theocharis, 35 additional KAD are required to have a POS. Between them:

– People’s Markets
-Non-specialized retail stores
-Life Insurance and Risk/Loss Assessment
-Financial Services
-Insurance agents and brokers
-Public Relations, Communication, Advertising
-Market Research and Polls
-Job Finding Offices
-Organization of Conferences and trade fairs
-Higher education
-Culture and Spectacular Activities
-Repair of Shoes and Leather Goods
– Libraries and Archives

In addition, all retail and consumer service sectors are also obliged from the New Year to accept money through direct transfer systems between bank accounts such as e.g. the IRIS system.

Excluded from payment through IRIS:

-People with a visual impairment of more than 80%
– Vending machines for products

For those who do not comply with the above 2 obligations, a fine of €1500 is provided, which is imposed within 5 days of the finding of the violation. The imposition of a fine may be challenged by means of an appeal within 30 days of its notification. But even the decision of the appeal can be contested in the Administrative Court of First Instance.

The fine is halved if:

-If the debtor pays within 30 days. Payment implies a waiver of the right to dispute the fine.
– If the obligor, within 30 days, submits to the competent audit service a document proving the use of a terminal accepting payment cards, means of payment by card and means of payment with direct payment services from account to account.

In order to better adapt the market to the new system and especially for the new POS operators, it is provided that for the period from February 1st to March 1st, the fines will be suspended if the obligees prove that they have acquired card acceptance terminals by January 31st and are pending their installation.

All retail branches and service providers must declare to AADE their professional account through which they will accept all transactions regardless of how they are made (cash, cards, standing orders, direct debit orders. Transactions carried out through the professional account relate exclusively to the debtor’s commercial, business or professional activity.

Different beneficiaries CANNOT register the same business account, but the same beneficiary can have more than 1 account.

In case of non-declaration of the business account, the fine amounts to €1000

In the case of a late declaration – after the lapse of 1 month from the start of the activity – the fine amounts to €100.