Maria Giannakaki – Karageorgiou & Associates (Law Firm)

1. Maria Giannakaki – Karageorgiou & Associates (Law Firm) • Electronic payments v. shadow economy in Greece V • VAT collected at the point of sale and remitted by the banks to the government • Increase of the state budget revenue • The Greek tax reform as an incentive for the promotion of electronic payments • Electronic payment of large amounts is made mandatory • Tax reduction and lump-sum refunds for small amount transactions where electronic payment is optional • Impact of the tax reform to financial institutions and merchants • Acquiring banks will have to make the necessary adjustments to their payment systems to enable the VAT collection through the commercial bank accounts • Merchants bear the cost for the infrastructure necessary for the use of credit cards