In a relevant announcement, the Council of Ministers approved on June 16, 2021, a Decree of the Ministry of Finance, which obliges companies operating in the service sector and retail trade, to accept payments via cards and inform consumers in a transparent, straightforward and precise manner.
This measure assists in combating tax evasion, safeguarding public revenues, strengthening civil protection, and facilitating citizens' service.
Businesses are required to comply within three (3) months from the date of publication of the Decree.
Start-ups that will begin operations the last thirty (30) days before the expiration of the period of three (3) months must comply within four (4) months from the publication of the Decree.
Whereas, companies that will start operations or have relevant amendments on their corporate activities after the expiration of the period of three (3) months must comply according to the aforementioned Decree within one (1) month from their operations starting date or activities changing date.
Companies operating in the sectors of manufacturing, electricity, water, transportation, information and communication (publishing, film production, broadcasting, computer programmers) are exempted from the obligation to accept payments via cards.
Author: Melina Menelaou, RSM Cyprus