Economy · Greece

Bank of Greece Calls for More Incentives for Card Payments

3 sourcesFirst reported 28 days agoUpdated 28 days ago

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The Bank of Greece emphasizes the need to enhance electronic transactions to combat tax evasion.
In a recent report, the Bank suggests providing tax incentives to encourage online transactions with public services.
Progress has been noted in tax compliance owing to increased card payments and reduced cash usage.
Further efforts are needed to address VAT gaps and undeclared income, especially among self-employed individuals.

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The Bank of Greece (ΤτΕ) has called for increased incentives for electronic payments to combat tax evasion more effectively. Highlighting the need to enhance the use of digital transactions, the bank aims to address significant tax evasion phenomena by encouraging consumers to opt for electronic methods of payment, particularly as many transactions currently occur in cash.

Recent reports show that many self-employed individuals and freelancers engage in cash transactions, which can create loopholes for tax evasion. The TtE emphasizes that adopting digital payment methods will not only help reduce these loopholes but also enhance transparency in financial transactions. Various statistical data presented by the Bank supports the push for electronic money as a tool against tax evasion, indicating that increasing electronic payments could potentially tighten control over unreported income and improve overall tax compliance.

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Bank of Greece Calls for More Incentives for Card Payments

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