In Greece, taxpayers are now facing the risk of incurring an extra 22% tax if they fail to ensure that 30% of their income is documented through electronic receipts by December 31, 2025. This legislative requirement comes as the Greek government seeks to digitalize transactions and improve tax compliance. The tax filing period opens on March 16, and all taxpayers must submit their returns by July 15, with discounts for early payment dependent on the submission date.

To incentivize compliance, the government is offering discounts on income tax for early filing of tax returns. These discounts vary depending on when the returns are submitted, ranging from 4% for filings between March 15 and April 30, down to 2% for those submitted by the final deadline of July 15. Taxpayers should be aware that only expenses covered by electronic payments, such as credit card use or e-banking, will count towards fulfilling the 30% requirement, capped at 20,000 euros.

This push towards mandatory electronic receipts is part of a broader effort by the Greek authorities to enhance transparency in the tax system and combat tax evasion. Noncompliance will result in significant tax penalties, underscoring the importance for taxpayers to adapt to these new financial regulations swiftly. The implementation of this policy reflects ongoing changes in tax legislation aimed at increasing government revenue through improved record-keeping and accountability.