Taxes in Greece: what will change from January 1, 2024

Businesses and freelancers should prepare early to avoid surprises from early 2024 when new anti-tax avoidance measures come into force.

Changes to the tax bill, which the Ministry of Economy and Finance will present to parliament in October, will simply stunning:

• Prohibition of cash payments of amounts over 500 euros between clients and businesses. The ban has already been introduced, but a fine of 100 euros for violation was considered unaffordable. From now on, anyone who accepts a payment of more than €500 in cash rather than through a bank will be fined twice the amount received. That is, for example, 2000 euros if he received 1000 (or much more for larger amounts), based on what the Prime Minister announced.
• Without exception, all self-employed professionals and businesses, regardless of what identification number they have registered with the tax authorities, will install a POS to accept card payments if they accept retail customers.
• Accordingly, for those who do not even carry out retail transactions, all expenses for b2b (business to business) transactions without exception must be declared electronically in the MyDATA system. Anything not declared will not be recognized as an expense to be deducted from profit for the year. It will be subject to income tax, and the business will pay from 9% to 44% as an individual (traders, farmers, professionals) or 22% for companies (legal entities).
• All cash register machines (CCMs) will automatically connect and work with POS, which will automatically record the issuance of a check when paying by card.
• Cash will not be allowed for the purchase or sale of real estate. All payments will be made without fail using electronic means of payment. This is an attempt to put the brakes on under-the-table deals, especially now that mortgage rates are rising.
• All medium and large businesses should also consider taking out disaster insurance. As part of the fight against the consequences of natural disasters, the government will hold consultations on the issue of compulsory insurance of all commercial, agricultural and other production facilities.

At the same time, owners of three or more properties rented out on platforms such as “AirBNB”, from 2024, take on accounting and tax obligations… like hotels, that is, the collection and remittance of VAT and accommodation tax!

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