Greece Is Not India? Hellenic Banks Plan “Tax On Cash Withdrawals” To Combat Black Economy
Greek banks have proposed a series of measures to combat tax evasion, strengthen the electronic transactions and limit the use of cash in the economy, and as KeepTalkingGreece.com reports, one of the measures proposed is a special tax on cash withdrawals.
Bankers reportedly stress that cash money can easily and largely be channeled in the black economy. Therefore, a tax on cash withdrawals will drastically reduce cash transactions and by extension the black economy.
The bankers suggest that also credit and debit cards as wells as new technologies enabling cash-less transactions even for small amounts and mobile phones can be used for the purchase of a transport ticket or a newspaper at the kiosk.
The bankers proposal to the government also includes:
-Mandatory use of cards or other electronic payment networks for every transaction with professions where there is strong evidence of tax evasion or where cash is mainly used [ like bakeries, kiosks, street vendors and chestnut sellers?].
-Mandatory use of cards or electronic networks for transactions above a certain amount [this measure is already in effect].
This post was published at Zero Hedge on Nov 28, 2016.