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Greece lowers limit for cash transactions to 300 euros

Greece lowers the limit of cash transactions from 500 euro to 300. Purchases with a value above the new limit should be made exclusively through electronic payments. The new limit is thought as a measure to combat tax evasion. This is one of the measures of the draft tax bill published for public consultation on Thursday evening.

The bill introduces a series of tax cuts for businesses and natural persons. Among the new taxation measures are:

A reduction in business tax from 28% to 24% for 2019

Incentives for foreigners moving their tax residence in Greece; non-dom program

Dividends tax be reduced from 10% to 5%

Relief of company bonds in official markets from income tax and the solidarity fee.

Basic tax rate of 9% for employees, workers, free-lancers and pensioners. tax rate is currently at 22%.

Higher tax exception per child.

Reduced Value Added Tax for motorcycles helmets and baby items.

For those with confiscated bank accounts, expenditure limit is up to 5,000 euros.

Measures for tax payers who have objective difficulties to use electronic payments.

The bill is scheduled to remain open for public consultation until Nov 14 and be voted in the Parliament at the end of the month.

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