In an attempt to rein in the shadow economy and collect more tax revenue, Greece outlaws cash transactions greater than 1500 Euros. Please consider Greek Finance Minister unveils tax reform, wage policy.

“From 1. Jan. 2011, every transaction above 1,500 euros between natural persons and businesses, or between businesses, will not be considered legal if it is done in cash. Transactions will have to be done through debit or credit cards”

“There’s tax relief for incomes up to 40,000 (euros)”

“Taxable income based on the new scales will include capital gains from the short-term trading of stocks”

“Deposits in banks outside Greece are exempted from audits of their origin if they are repatriated within six months of the passing of the tax bill and are taxed with a 5 percent rate”

“Wages of board members in unlisted state companies will fall by 50 percent”

“The budget bill for allowances and compensations will be cut by 10 percent”

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