Card use may add 1 bln to VAT tak­ings

Kathimerini English - - Front Page - CHRYSSA LIAGGOU

If all trans­ac­tions­be­tween busi­nesses and cit­i­zens and the for­mer and the state were con­ducted elec­tron­i­cally, the il­le­gal econ­omy would be re­duced by 10 per­cent­age points – from over 25 per­cent of the econ­omy to­day – and value-added tax rev­enues would in­crease by 1 bil­lion eu­ros per year, ac­cord­ing to a study by the Hel­lenic Fed­er­a­tion of En­ter­prises (SEV).

The study added that on­line or card pay­ments would re­duce the cost of state pro­cure­ments by 200 mil­lion eu­ros per an­num, and the en­ter­prises’ op­er­at­ing costs by 11.5 bil­lion eu­ros, along with cut­ting the is­sue of bo­gus in­voices by up to 60 per­cent.

Elec­tronic trans­ac­tions would also en­sure that com­pe­ti­tion rules are ob­served, to the ben­e­fit of lawabid­ing cor­po­ra­tions and the mar­ket.

Even af­ter the im­po­si­tion of cap­i­tal con­trols led to a 90 per­cent rise in elec­tronic trans­ac­tions, the lat­ter’s pen­e­tra­tion rate in Greece re­mains the low­est among the 28 Euro­pean Union mem­ber-states.

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