Greek FinMin: purchases over €500 only via credit card, check or bank transfer

Posted by keeptalkinggreece in Economy

Greek Finance Ministry plans to put an end to cash payments. Purchases worth more than 500 euro will be not possible with cash money anymore. Finance minister Yiannis Stournaras told the Parliament on Thursday that he examines that “the expansion of electronic transactions with credit cards and other electronic payment methods for a wide range of transactions for amounts much smaller than those required by current legislation,” which is currently at 3,000 euro.
All transactions worth more than 500 euro will have to be made only through money transfer through banks, or credit/debit cards and checks.
It looks as if the finance ministry considers to give bonuses of 5% reduction to the Value Added Tax for if payment via credit/debit card etc.

Stournaras claimed that this measure targets to combat tax evasion.
It’s not clear when exactly the planned measure will go into effect – most probably we will know after the new taxation system voting later today.
Blame for all Greek misery the ‘tax evasion’ and you’re cleared of any responsibility…
PS I’m going to check my credit card limit as I plan to buy a real estate for 200,000 euro :p Until the bank gives me the green light, I’m pleased to have 100 euro in cash for the purchase of wood for the fire place.