Author Topic: Greek banks propose "tax on cash withdrawals" to combat tax evasion  (Read 3875 times)

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Offline BeeTee

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Greek banks propose "tax on cash withdrawals" to combat tax evasion
« on: Sunday, 27 November, 2016 @ 22:43:03 »
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Greek banks propose a series of measures to combat tax evasion, strengthen the electronic transactions and limit the use of cash in the economy. One of the measures proposed is a special tax on cash withdrawals.

Bankers reportedly stress that cash money can easily and largely be channeled in the black economy. Therefore, a tax on cash withdrawals will drastically reduce cash transactions and by extension the black economy.

The bankers suggest that also credit and debit cards as wells as new technologies enabling contact-less transactions even for small amounts  and mobile phones can be used for the purchase of a transport ticket or a newspaper at the kiosk.

The bankers propose to the government, among others:

-Mandatory use of cards or other electronic payment networks for every transaction with professions where there is strong evidence of tax evasion or where cash is mainly used [ like bakeries, kiosks, street vendors and chestnut sellers?].

-Mandatory use of cards or electronic networks for transactions above a certain amount [this measure is already in effect].

–Reforming the tax system by introducing a revenue-expenditure system. Households or professionals will only be taxed on the amount of income that is has not been spent. In this way, households and professionals will have a strong incentive to seek receipts for any expenditure in order to increase their expenditure and reduce the tax amount they will have to pay.

-Obligation for all businesses and regardless of their size to pay electronically every salary and wage. 

http://www.keeptalkinggreece.com/2016/11/27/greek-banks-propose-tax-on-cash-withdrawals-to-combat-tax-evasion/

Offline TonyKath

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Re: Greek banks propose "tax on cash withdrawals" to combat tax evasion
« Reply #1 on: Monday, 28 November, 2016 @ 18:45:29 »
Bloody 'ell!!!  What a pass things have come to if a country is reduced to this.  I could end up sounding like Bryan if this goes on.

 :oki: :lol:

Tony