Greece is moving to further restrict cash transactions as part of a broader effort to increase transparency and combat tax evasion, according to a new multi-bill submitted by the Ministry of National Economy and Finance.
At the center of the proposed changes is a stricter framework for cash payments. Under the new rules, any transaction valued at €500 or more must be completed electronically. The calculation of this threshold will now be based on the total value of the transaction, rather than individual receipts or partial payments.
Authorities aim to close loopholes that previously allowed transactions to be split into smaller amounts to bypass restrictions.
Double fines for violations
The legislation introduces significantly tougher penalties for those who fail to comply. Any violation of the cash payment limit will result in a fine equal to twice the amount paid in cash, effectively doubling the financial consequence for offenders.
This measure is designed to act as a strong deterrent and encourage wider use of electronic payment methods.
Broader tax reforms
Beyond cash restrictions, the bill includes a range of additional tax-related measures. These include reduced penalties for late submission of zero or credit VAT returns, offering some relief to taxpayers in specific cases.
At the same time, oversight of cryptocurrency transactions is expected to become stricter, reflecting growing attention on digital financial activity.
Focus on transparency
The overall goal of the reforms is to strengthen financial transparency and improve tax compliance. By limiting the use of cash and expanding monitoring mechanisms, authorities hope to reduce undeclared income and modernize transaction practices across the economy.
If approved, the new measures will mark another step toward a more digitized and controlled financial environment, with clear implications for both businesses and consumers.
