NewsLocalDecree clarifying businesses exempted from credit card facilities 'stuck' in Law Office

Decree clarifying businesses exempted from credit card facilities ‘stuck’ in Law Office

The decree clarifying which businesses in Cyprus will be exempted from credit card payment facilities has been stuck in the Legal Office for months, Philenews reports.

By law, all individuals in Cyprus active in economic activity should accept not only cash but also credit card payments from consumers.

This provision is included in a bill approved by Parliament in July 2020 in a bid to contribute to efforts tackling tax evasion.

An informed source said the Tax Department last Fall sent the relevant decree to the Legal Service for legal review and for its final position which is still pending.

As soon as the Law Office notifies the Tax Department of its position on the decree, then Tax Commissioner Yiannis Tsangaris will proceed with its issuance.

The decree clarifies that 75 business sectors will be obliged to accept payments by credit cards. Included are law firms, accounting firms, hospitals, companies operating in the general and special medical professions, as well as dentists.

 

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