Greece is preparing to tighten cash payment rules as part of a wider effort to increase financial transparency and combat tax evasion. The proposed measures appear in a new multi-bill submitted by the Greek Ministry of National Economy and Finance, and they introduce a stricter framework for cash payments.
Under the bill, taxpayers and businesses must complete any transaction worth €500 ($587) or more electronically. Importantly, authorities will calculate the threshold based on the total value of the transaction, rather than on individual receipts or partial payments.
As a result, the measure aims to close loopholes that previously allowed transactions to be split into smaller amounts to bypass existing cash restrictions.
Greece introduces double fines for cash payment violations
The legislation also introduces tougher penalties for those who fail to comply with the cash payment limit.
Under the new rules, authorities will impose a fine equal to twice the amount paid in cash. In practice, offenders would face a financial penalty that doubles the value of the unlawful cash payment.
Therefore, the government expects the measure to act as a strong deterrent and encourage broader use of electronic payment methods across the economy.
Additional tax measures in Greece’s new bill
The bill also goes beyond cash payment restrictions and includes several other tax-related provisions.
For example, it reduces penalties for the late submission of zero or credit VAT (Value Added Tax) returns, offering relief to taxpayers in specific cases.
Meanwhile, authorities are expected to tighten oversight of cryptocurrency transactions, reflecting the government’s growing focus on digital financial activity and emerging forms of value transfer.
Cash payment rules support broader transparency push
Overall, the reforms aim to strengthen tax compliance and improve financial transparency.
By limiting the use of cash and expanding monitoring mechanisms, Greek authorities aim to reduce undeclared income and modernize transaction practices for both businesses and consumers.
If lawmakers approve the bill, the measures would mark another step toward a more digitized and closely monitored financial environment in Greece.
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