Greece Unleashes 'Soft' Cash Ban

Tyler Durden's picture

The spread of global cash bans continues with Greece unveiling their so-called 'soft' approach by which taxpayers will only be granted tax-allowances or deductions when payments are made via credit or debit cards. As KeepTalkingGreeece reports, the new guidelines refer to employees, pensioners, farmers, and also the unemployed.

Accepted expenditure will be:

  • purchases for food and supermarket products, electronic and electric devices, household equipment, footwear, clothing, fuel, furniture, cigarettes, drinks
  • Restaurants, cafeterias,bars and hotels
  • Services like by hairdressers and beauty parlors, gyms and dance schools, car repair, plumbers, electricians, painters, carpenters, lawyers and accountants.
  • For doctors and pharmacy the same practice will be valid as in last year. The tax office will accept the expenditure only if payments are made per credit card or bank transfer.
  • Expenditure for utility bills, landlines and mobile phones, heating, rent, loan repayments that in fact swallow the largest amount of monthly expenditure for private households will not be accepted. Also not accepted is expenditure for toll and transport tickets.

In its “wisdom” the Greek Finance Ministry has determined the amount the taxpayers will have to pay with electronic money in order to be able to get the tax allowance:

  • 10% for annual income up to €10,000
  • 15% for annual income €10,001-€30,000
  • 20% for annual income over €30,001

The famous Greek wisdom in times of austerity, bailout agreements and economic crisis remains the same also in 2017 and as neoliberal as possible since 2010: crack the low and medium incomes, let the rich fly free

Find the Surrealism

  • income €7,000: expenditure per plastic money must be €700
  • income €10,000: expenditure per plastic money must be €1,000
  • income €30,000: expenditure per plastic money must be €4,500
  • income  €60,000 expenditure per plastic money must be €12,000

Should a taxpayer not be able to spend the necessary percentage of the annual income according to the guidelines, the punishment will be a penalty of 22% imposed on the missing difference.

I heard on television that couples will have to spend separately – but better check with your accountant. The average taxpayer in Greece needs an accountant anyway, someone who will follow the revenue-expedience balance month by month for the sake of the tax office.

In the bizarre Greek world we live in, households will be obliged to spend money even if they do not want to. As the large part of monthly need coverage (utilities etc) is not accepted by the tax office, households who do not manage to reach the necessary percentage through supermarket percentages will have to go and spend like crazy in retail, dance schools and gyms and other goods and service providers.

Exempted from the compulsory usage of credit/debit cards are seniors over 70 years old, residents of remote areas and people with disability over 80%. I suppose they will have to continue the collection of paper receipts.

KTG understands that with these new system, taxpayers will not need to collect the stupid receipts from cash register, where the amount had faded away when they were supposed to be brought to the tax office in a huge plastic bag.

The cap for cash transactions falls from 1,500 until 31.12.2016 down to 500 euro. In simple words: any purchase of good and service over 500 euro will need to be done via plastic money.

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VinceFostersGhost's picture

 

 

Oh good.......glad to see everything is finally under control.

balolalo's picture

WHAT IS TRUMP'S CASH POLICY?  

hmmmm... seems kind of like an important question....

Ignatius's picture

Maybe Trump will push back, but this "cashless" push is a bankster push, and it's happening everywhere.

Who rationally thinks, "Man, this cashless society idea is my best yet?"  Modi?

The banksters and their paid for politicians are locking in their gains, and just to show they have a sense of humor they'll cynically call it 'democracy.'

Related:  http://yournewswire.com/washington-cash-ban-india/

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) Ignatius Jan 3, 2017 11:18 AM

Even if "laws" are brought in requiring me to report capital gains made in Bitcoin, I still won't do it. Fuck the government and fuck anyone who believes in their "laws".

https://localbitcoins.com

Boris Alatovkrap's picture

Capital Control - evidence of near proximity of implosion of socialist state. "Socialism is work until run out of other people's money" -Maggie

Boris Alatovkrap's picture

Law that is contradict morality cannot be follow.

mvlazysusan's picture

This 'war on cash' was planned for Hillary to be able to print lots of $ and the "Black (AKA: Free) Market"  in all of the countries implomenting this war on cash will soak up all the newly printed US $

The Banksters and their Hillary might have asked themselves "what could go wrong". 

buckstopshere's picture

Consumer goods that can be easily bartered will by flying off the shelves.

RockySpears's picture

That will not help.  If I read this right, you HAVE to spend what they think you should spend on the things they think you should spend it on, other wise you incur the penalty.

 

  Reducing expenditure by bartering is a bad thing under these rules.

 

  Using other currencies is, llikewise, not going to help.

 Nor will dual pricing.

 Lowering your costs is not an option, you HAVE to spend electronically,

 

RS

shovelhead's picture

They just made the private sector like the public sector.

Spend your budget even if you don't need to, or lose out on any futher increase as in the pub.sec. or a tax credit in the private.

Nothing can escape the all-seeing Eye of Sauron.

Where's me jumper's picture

And worse, you'll be taxed on the unspent portion...

ejmoosa's picture

Don't we already do that?  We call that a Federal Income Tax.  We also have a Medicare Tax and a Social Security Tax.

 

 

mkhs's picture

Don't forget the Obamadon'tcare tax, er penalty allowed by the supremely inept court.

OverTheHedge's picture

Not only do you HAVE to spend the money, you have to be seen to spend the money, electronically. The tricky point for people is going to be how they get cash into the bank, to then spend electronically - all deposits will be scrutinised, and if you deposit €1,000 in order to spend €1,000, you will need to show where that €1,000 came from. This is in no way a benefit for the individual, but it is definitely a benefit for the government, who will be able to extract even more money from the tottering Greek economy. This might even be good for GDP, as most of this tax cash will have been circulating under the counter up until now. GDP will go up, tax receipts will go up, and Greeks will be significantly poorer than they are now. Perfect. Someone must be feeling quite smug with this outcome. I imagine s/he was a banker

CRM114's picture

Lowering your official income works. Stay below the taxable minimum and the loss or otherwise of the tax rebate doesn't matter.

TruthHunter's picture

It's a stupid idea, but it makes Modi look like a complete asshat idiot.

 

Kirk2NCC1701's picture

Greek sex (sodomy) and easy / modern living has made them stupid, cowardly and non-men.

If they were real men, they'd go "Full Sparta" on the politicians' heads.

Escapedgoat's picture

 

I am told, last time I visited,   that they must , must, AVOID CIVIL WAR  at all costs. t

Now!! if you have any advice (considering the WHOLE of the Political Spectrum is working for the ENEMY) let's have it.

They did everything that was available to them. Voted every time for a different Party, including the so called LEFT SYRIZA, Even the so called communists KKE do everything in their power to stall the change.

And you should not forget the RIOTS of 2011 with our beloved RIOT DOG

SomebodySpecial's picture

Greek revolution in 3...2...1

small towel's picture

Unintended consequences:

Dual pricing ahead; cash price (less). plastic price (more)

Increase in prostitution. More misery (not less)

Bonkers.

JohnGaltUk's picture

Just use USD or roubles, fuck them

cherry picker's picture

They predicted this would happen long before the credit card or plastic was ever invented and the prediction also stated that those who participated in this would lead to a disasterous end.

I only know this, not only are all your purchases known, a third party is collecting 2% - 4% on everything you buy and many times the vendor has to wait till the money enters its account.

What is the good of this unless it is about .gov owning you?

It is about time the millineals got off their asses and march to capitals and destroy these affronts to hummanity.

Weirdly's picture

Millenials realized protests are useless after 2500 were put in jail for Occupy Wall Street and nothing changed.  Easier to walk away from the system.  Stop paying student loans.  Live in a tiny house.  Ride a bike.  Don't contribute and get on the dole.  Fuck the system.

JohnGaltUk's picture

I fled New Zealand after the state failed with some large investment schemes that did not pan out economically. I have never accepted the governments right to borrow money and force me to pay the debt. There must be a total separation of the state and economics, like religion.

PresidentCamacho's picture

In my honest opinion if your future doesn't hold a 120k career the path of going galt is the best to destabilize the system. The only problem is that you lose control of financial independence if you are not breaking some major laws to bring in income.

 

I kind of live like this. I stay with other people and waste all my income on assets which i frequently lose to fishing accidents and/or sell to cover personal depts.  I take as much as I can with putting as little possible back in.

The funny part about it all is. If you are smart it's easier to raise a family this way as all of your costs are covered by Uncle Sugar. (medical, food, utilities) all free!

 

 

 

CRM114's picture

Going Galt makes sense anyway. 120k careers are largely only available to insecure slaves - people who will never speak up and always do what they are told, no matter how stupid the instruction. 

Real talent won't put up with that, and is opting out. Furthermore, the apparatchiks won't hire talent - it puts their jobs at risk. This is why productivity is heading down.

The trick is to convert any pensions to cash and retire early. Save money by becoming your own builder, farmer, etc. Basic skills will always be worth trading, acquire some.

Pensions will be worth zip when the system collapses anyway. See Detroit and Dallas. There's 10 years left in the can-kicking, at most.

shovelhead's picture

It's really about anyone escaping paying taxes and the Govt. forcing the credit card co.s to do the accounting for them.

Kayman's picture

It is all about bankers and government parasites running out of warm blood. Debts becoming unpayable and interest on debts unpayable, hence ZIRP and NIRP.

So BlackMarkets and Barter and reduced economic activity it is then.

Dugald's picture

 

Hang them high and slowly, or, better still, see how well they can balance on sharp

stake, Vlad was so far ahead of his time......

Mass_hysteria's picture
Mass_hysteria (not verified) Jan 3, 2017 10:35 AM

they are about to enslave you..

 

but the sheep feels optimistic! jew controlled breitbart and drudge said so!

spanish inquisition's picture

Looks like I would be buying basic living on plastic. Spending on catagory 1 to make my basic limit and not get penalized.   Sell excess catagory 1 items for cash and equivalent on the black market.

floosy's picture

Hyperinflation incoming

whatamaroon's picture

Bullish for bureaucrats to enforce/monitor/accept bribes.

DeeZ_nutZ's picture

WHAT WOULD THE TRUMP TWEET ABOUT THIS?

Skiprrrdog's picture

Trump needs his own nano-blogging site... tritter.com?

CRM114's picture

trumpet.com...should be a blast!

 

Jericho won't like it ;)

gregga777's picture

It is the duty of all patriotic citizens everywhere to do everything they can to screw the taxman.  Quit working and go on the dole.  Make the system collapse by refusing to work while being paid in pretend money.  Burn it all down on the heads of the political parasites. 

Ghordius's picture

as a side note, remember that Greeks, like most continental europeans, use debit cards way more then credit cards

like this one: http://www.piraeusbank.gr/en/idiwtes/kartes/debit-cards/visa-debit

here, another article from "Keep talking Greece"

http://www.keeptalkinggreece.com/2015/12/21/greek-banks-charge-higher-co...

note there: "The EEA considers the Greek banking charges as “unacceptable” especially after the implementation of the obligatory European Union Commission Regulation (EU) 2015/751 of the European Parliament and of the Council of Europe of 29 April 2015 on interchange fees for transactionspayments per cards:

3% for credit cards

0.2% for debit cards

The EU Regulation was to be implemented Europa wide since 9th December 2015. "

now, there is a thing about EU Regulations

they are handy for national politicians whenever they want to blame the EU for something, anything

but enforcement... there is no such thing as a federal agency or anything like that

it's still a club of sovereigns. if the national authorities in Greece don't act upon... what do you expect "Brussels" to do about that? levy a fine... on Greece? yeah, now that would help, would it?

Weirdly's picture

And bitcoin goes to $1020.  

cherry picker's picture

Funny, when a man was undeducated but knew how to read and write and calculate a little, he could determine his own destiny and support a family providing shelter and food.

Now everyone is 'educated' and we no longer have the freedom to do much of anything unless we pay for the 'priviledge' and follow their regulations.

And most are too frighted to question or buck the system.

I am old but I inted to go down resisting this bullshit as I knew a better way and it also includes work and integrity.  I still make deals on a handshake and rarely has it gone sour.

Good bye .gov, you don't 'own' me, God does and God is my master not the beaurocracy of criminals ruling the nest.

JohnGaltUk's picture

These socialist are mentally insane, they want to micromanage every area of human endeavour. The best thing about all this socialist tinkering, it will turn everyone right wing and there will be distrust between the state its citizens no one will ever choose a socialist regime in the future. With all the media we have today there will be no excuse for anyone in the future to try socialism again.

The left have shot themselves in the foot.

shovelhead's picture

The bright side is when you get enough Socialism, you'll never have to shoulder the responsibilty of choosing again.

There won't be any choosing to do.

That's pretty much the plan.

Skiprrrdog's picture

Come on in to bartertown and try to collect your graft payment, Uncle Sham... we triple dog dare you...

Any tax credits for dead politicians?

shovelhead's picture

Probably not, but I'll buy you a drink for every head you put on the bar.

Father ¢hristmas's picture

Give me one good reason a conglomerate of current bankers/former bankers turned gubmint officials wouldn't work toward implementing a cashless society?

A lightning-fast accounting system enforced at the business end of a pistol?

And I can use this system to monitor the purchases of all my idiotic plebe dolt citizens who think they're Neo in "The Matrix"?

Now once the West starts legislating limits on precious metals transactions, por ejemplo not allowing plebes to hold moar than a few ounces/kilos of gold/silver without proper registration with the Eye Arruh Ess...

Lol

The circle will be complete.

 

coast's picture

over time, we will all be forced to go digital...case in point, this week alone: I have an old cell phone, I use it for phone calls and text only...I get an alert from verizon, saying they no longer deliver website service on my phone...I dont use it for the internet so no big deal, just sayinh...Also, maybe this is old news to you, but I just noticed at the grocery store, you cannot get adiscount coupon for certain items, unless you have an iphone...the list goes on..Soon, you wont be able to do anything unless you have the shit electroniics they shove down your throat mad from slave labor....zero interest rates for savers means ZERO interest.....Discounts if you use a credit card to make transactions???  you get the point