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It is mandatory to accept a card in the retail trade to combat tax evasion

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It is mandatory to accept a card in the retail trade to combat tax evasion

The Council of Ministers today approved a Decree of the Ministry of Finance, which obliges companies operating in the service sector and retail trade to accept payment by card, and to inform consumers in a clear manner. This measure helps to combat tax evasion, safeguard public revenues, strengthen citizen protection, as well as facilitate the service of citizens.

Businesses are required to comply within three (3) months from the date of publication of the Decree. For start-ups during the last thirty (30) days before the expiration of the period of three (3) months, they must comply within four (4) months from the publication of the Decree, while companies that will start operating or relevant change after the expiration of the period of three (3) months, they must comply within one (1) month from the start or change of their activities.

Exempted from the obligation to accept card payments are companies operating in the fields of manufacturing, electricity, water, transportation, and information and communication (publishing, film production, broadcasting, computer programmers).

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Source: politis.com.cy

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