Yield from POS compliance
Interconnection of card terminals with cash registers sees online transactions soar this year
The rise in electronic payments and the POS-cash register interconnection have also led to a significant increase in state revenue, as hidden incomes appear to be coming to the surface.
In the first half of the year, value-added revenues increased by 10.3%, which is due, according to National Economy and Finance Minister Kostis Hatzidakis, on the one hand to the growth of the economy and on the other to the initiatives to deal with tax evasion such as the interconnection of POS with cash registers and ERP systems (special accounting programs that many businesses use to issue receipts).
During the first eight months of the year, a significant increase in payments through the use of online means can be observed. It amounted in food services to 16% (from 4.8 billion to 5.5 billion euros), in taxis a huge 177% (from €18 million to €50 million), in doctors 20.1% (from €227 million to €273 million), in hair salons and personal care services 13.8% (from €326 million to €371 million), in gyms and sports activities 34.8% (from €56 million to €75 million) and in hotels 8.8% (from €3.6 billion to €3.9 billion).
According to ministry data, in the last four months over 150,000 additional connections were made, mainly related to the connection of POS with ERP systems, businesses that replaced old cash registers and/or POS systems with new ones, seasonal businesses, etc. Therefore, the compliance rate of the companies under obligation now exceeds a total of 96%.
The milestone of 400,000 interconnections set by the Recovery Fund for the smooth financing of the country was reached two-and-a-half months before the deadline, while for those businesses that have not yet been interconnected, checks are being intensified starting with those with the highest turnover.
Referring to the issue, Hatzidakis said: “We all remember the voices of those who said that the government would not achieve where previous governments failed. And yet we did it. The 407,000 POS interfaces with cash registers and ERP systems are a landmark reform in tackling tax evasion.”
