The legal obligation to accept payment means by card is in effect in Cyprus since September but one in 10 businesses have yet to install a Point of Sales (POS) terminal.
This is what Philenews reported on Wednesday citing the Tax Department whose officers recently carried out unannounced visits to over 1,000 businesses island-wide.
The main purpose of the decree imposing the obligation to accept payment means by card on certain categories of businesses which carry out economic activities in Cyprus is to assist combat tax evasion.
As well as to safeguard public revenues and strengthen citizen protection.
A total of 87 different categories of businesses are obliged to accept ways of payment by card – including law firms, accountants, architects, schools, betting shops, etc.
Non-compliance with the provisions of the Decree is subject to an administrative fine of up to 2,000 euro.
