Greece has successfully connected companies’ card terminals with cash registers two-and-a-half months ahead of schedule, announced National Economy and Finance Minister Kostis Hatzidakis. This achievement is expected to boost state revenue significantly.

At the Athens Innovation Forum 2024, Hatzidakis revealed that over 407,000 businesses have completed the connectivity, surpassing the target of 402,000 set for the end of the year. The minister emphasized the importance of this milestone in improving tax compliance and revenue collection.

The government’s focus on expanding electronic transactions includes initiatives such as increasing POS usage in retail sectors, implementing a ban on cash transactions in real estate, introducing mandatory electronic invoices from 2025, and promoting direct payments through the IRIS system.

Hatzidakis also warned that businesses failing to comply with the regulations will face sanctions, starting with the largest enterprises. By enhancing electronic transactions and tax transparency, Greece aims to combat tax evasion effectively.