The Finance Minister has proposed to oblige companies and service providers to use non-cash payments. According to the Minister of Finance of Cyprus, this will be a big step forward in the fight against tax evasion. However, no other details have been disclosed.
The idea of switching to non-cash payments appeared after Greece, where, according to the directive of the Ministry of Finance, all structures including health, legal, electric companies were equipped with non-cash machines.
The Minister of Finance added that such measures would help creating a comprehensive picture of the Cyprus tax base.