A few days – until the end of June – around 600,000 professionals still have at their disposal to activate the instant payment system IRIS.Otherwise they will be faced with self-contained a fine of 1,500 euros while the debtors who do not proceed with the declaration of a business account to the Independent Public Revenue Authority (AADE) will be imposed an extra administrative fine of 1,000 euros.

The finance ministry has ruled out a further extension to the timetable while planning to gradually extend IRIS to all businesses by March 2025.

POS Deadline – Fixed ‘Teresia’ issue

At the end of this month, the deadline for professionals and businesses that are required to interface cash registers with POS systems expires, with exception those that could not be connected due to incompatibility of their electronic systems. These are businesses with old cash register systems and for which there is a more flexible schedule.

Especially businesses that use a cash register system with specific software (this is the ERP that concerns the overall operation of the business from finance to human resources) and have scheduled technical work with their specialist partner within June should complete the process by end of the month.

For the rest of the businesses belonging to this category, the deadline has already expired.

Also should the approx 30,000 seasonal businessess to have the interface of the cash registers with the POS ready on their first day of operation.

For 3,000 businesses that could not get POS terminals due to low credit rating, as they are on the list of “Teiresia“, the issue was dealt with by legislation.

According to the regulation, until the end of 2025 payment service providers cannot reject a company’s proposal to draw up a contract for the services of accepting payment cards, providing POS terminals, etc. citing low credit rating or capacity of the proposing entity, etc., when the proposal includes adequate means of securing providers’ claims.

In case of violation, a monetary fine of 1,000 euros is imposed by AADE.

The fines

Fines amounting to 10,000 eurosas long as they follow a simple accounting system and in 20,000 eurosas long as they follow a double-entry bookkeeping system.

In case of recurrence within five years they are doubled and for each subsequent same violation they are tripled.

Fines are reduced in half for businesses established in settlements with a population of up to 500 inhabitants and on islands with a population of up to 3,100 inhabitants (except for tourist ones).