The Ministry of National Economy and Finance is planning to impose further restrictions on the use of cash in financial transactions.
The ultimate goal of this plan is to further increase electronic transactions in order to effectively deal with tax evasion and the shadow economy.
The plan provides for the introduction of the mandatory payment of certain categories exclusively through the banking system, the increase of income tax deductions calculated on the basis of consumer expenses paid using electronic means of payment (credit or debit or prepaid cards or through e -banking), the reduction of the maximum permissible cash transaction limit below 500 euros – for transactions both between businesses and between businesses and retail customers – as well as the extension of the mandatory use of POS to all businesses that carry out retail transactions.
The leadership of the ministry estimates that these measures, in combination with the interconnection of the cash registers and other tax mechanisms with the POS of the banks and the information systems of AADE as well as the electronic maintenance of tax books on the ‘myData’ platform, will contribute to the significant reduction of tax evasion.
