CYPRUS: Finance Ministry to make it obligatory for all shops to accept card payments

Cyprus’ Finance Ministry aims to make accepting card payments obligatory for all sellers through an amendment of existing legislation regarding payments and receipts.

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According to Philenews, the ministry is to submit a draft bill that provides for the addition of a new article, which would make it obligatory for shop owners of any kind to install credit card terminals at customer service points.

Businesses that accept card payments must be contracted to a licensed providers of such services.

Details regarding the change will be regulated in detail through a decree to be issued by the government. The decree will also include penalties to be imposed in the event of a breach.

Finance Minister Harris Georgiades had prepared the ground for this development during his presentation of the 2019 budget before the House, noting that the installation of credit card terminals at all customer service points would be put on the agenda within 2019.

The draft bill includes another important innovation, as the state intends to have prize draws for those who make payments by credit card or online but also for those accepting electronic payments. Money or other prizes are to come out of the state budget.

Meanwhile, according to the state’s Tax Department 40% of taxpayers paid their direct taxes electronically via JCC smart.

That is, out of total taxes worth € 1.9 bln collected, €760 mln was collected through online payments.