Greece, POS terminals increase business sales - The state budget is "enriched" by the reduction of "cash" payments
Undeclared transactions and "hidden" turnovers of billions of euros in Greece were revealed by the increase in electronic payments and the interconnection of cash registers with POS terminals in 2024. Meanwhile, the state coffers were strengthened with additional VAT revenues of 2.66 billion euros.
Electronic payments grew by 8.3 billion euros last year, of which 7.5 billion related to transactions in the trade and services sector, replacing the use of cash of 5.79 billion euros. The government hopes to generate more revenue by fighting tax evasion to finance tax cuts and other measures.
Confirmed VAT revenues increased from 16.38 billion euros in 2023 to 19.05 billion euros in 2024, while detailed data on VAT revenues and collections through electronic payments by activity sectors are reflected in a study by the Public Administration Authority.
Community support
"Reducing tax evasion allows us to lower taxes and support society," government sources announce, adding that this will be done again this year with a focus on the Tax Identification Fund and "always within the framework of European fiscal rules."
"The tax base increased by 22 billion euros from 2023 to 2024, increasing certified VAT by 2.6 billion euros. Thanks to these additional revenues, we can more effectively support health, education, infrastructure, every aspect of our common life. Our next bet is to enrich this opportunity with new means," government representatives announce.
The replacement of cash with electronic payments led to the discovery of undeclared transactions, directly increasing VAT revenues, while the changes in professional activities where electronic transactions grew rapidly are particularly impressive.
In some sectors, the growth in electronic payment receipts is impressive. For example, in the computer consulting sector, electronic payments increased by 2,459%, from 4.8 million euros in 2023 to more than 124 million euros in 2024, while in theater operations, from 3.6 million euros to more than 20.6 million euros, marking an increase of 469%.
In terms of taxis, electronic payments increased by 221%, bringing to light 50.5 million euros of additional transactions. In retail trade, card payments increased by 271%, in water passenger transport by 101%, in retail trade by mail or online by 82% and in gyms by 81%.
The retail sector saw the largest increase (+3.11 billion euros) in revenue generated through payment cards between 2024 and 2023, while hospitality and accommodation saw large increases of 1.47 billion euros and 567 million euros respectively.
The replacement of cash with electronic payments led to the discovery of undeclared transactions, immediately increasing VAT revenues by at least 500 million euros. The highest increases in certified VAT amounts were recorded in hospitality services (37.9%), taxis (32.9%), accommodation (19.7%) and automobiles (19.4%).
At least 1/3 of the annual increase in VAT revenues in the period 2022-2024 is attributable to improved compliance.
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