The use of card transactions in Greece has significantly increased from 2014 to 2022, with the value also rising substantially. However, despite this growth, the proportion of card use compared to private consumption remains low compared to the rest of the European Union, leading to significant losses in VAT revenues. A study by the Foundation for Economic and Industrial Research (IOBE) estimates that the expansion of card payments in 2022 will have a positive effect on VAT revenues, with an associated increase in VAT revenue due to previously undeclared transactions. While VAT revenue has increased, Greece still has the third largest VAT revenue gap among EU member-states. Certain categories of electronic payments, such as professional services, education, healthcare, and restaurants-bars, are linked to lost VAT revenue due to tax evasion.
Source Ekathimerini
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