Fines for Greek Businesses without POS Systems from April 1

The Greek government’s plans to oblige an additional 35 sectors of the economy to accept payments via POS systems will kick-in as of April 1, with heavy fines imposed upon freelancers and businesses found to be in violation of the measure.

In an effort to cut down on tax evasion and speed up the digitization of the Greek economy, the Greek government announced the measure late last year, which was met with great resistance and strikes from many sectors.

Businesses that rely on high volumes of low-value transactions to make ends meet, such as kiosks, complained about the high fees they are subject to when using POS systems. The complaints led to talks with the Hellenic Banking Union and Greek banks to reduce transaction fees.

The measure requires 110,000 businesses and professionals ranging from taxis and vendors at farmers’ markets and kiosks to accept payments via POS, and violators will be slapped with a 1,500 euro fine.

The new rules also require the POS system to be connected to the cash register terminal and have been informed for months that the deadline to comply is March 31, 2024.

Violators will pay a reduced fine if they pay within 30 days of the date of notification of the fine. Alternatively, businesses may provide evidence that they have been able to comply with the regulation within 30 days of the violation.

A Ministry official noted that they expect a total of 250,000 thousand new connections and have reached 135,000, which is just above the mid-point.