Significant changes to payments via IRIS come into effect from November 1st, making acceptance of the system mandatory for all businesses. The new regulations apply to both physical and online stores, with strict penalties for non-compliance.
Read also: Transferring money via Iris? What you need to do to avoid tax authority visits
Who is affected by the IRIS changes
From November, every business in Greece is required to accept transactions through the IRIS system. This includes traditional retail stores, food service businesses, and online shops. Customers will be able to make payments either through POS terminals or by scanning QR codes with their bank’s mobile banking app.
The government policy aims to accelerate financial transactions, enhance security, and reduce operational costs. IRIS enables instant money transfers in real-time, with full integration into the tax authority’s systems.
Transaction categories and usage limits
The system divides transactions into two main categories with specific daily limits:
• IRIS P2P: Transfers between individuals with a limit of €500 daily
• IRIS P2B: Payments from consumers to professionals, also up to €500 daily
The total daily limit per user amounts to €1,000. P2P transactions remain free for the sender, while business transactions charge the merchant a small banking fee.
Mandatory POS connection and tax system integration
According to new legislation for modernizing the National Customs Code, every business accepting IRIS payments must complete transactions exclusively through POS terminals. The terminal must be connected to the tax mechanism or tax authority systems.
Any alternative method is considered illegal and carries heavy penalties. The regulation primarily targets retail and food service businesses, where direct money transfers without tax recording were common.
Penalties for violators and exemptions
Penalties for non-compliance are particularly strict and vary depending on the business type. Businesses with single-entry bookkeeping face a €10,000 fine, while those with double-entry bookkeeping face €20,000. However, a 50% reduction in fines is provided for professionals operating in small settlements with fewer than 500 residents or on islands with populations below 3,100, excluding tourist areas. The measure is part of the overall economy digitization strategy, primarily aimed at reducing tax evasion and ensuring complete traceability of financial transactions. The Finance Ministry maintains that mandatory IRIS implementation will bring significant benefits to both the public sector and businesses.
Expected advantages include reducing cash management costs and strengthening citizens’ confidence in electronic transactions. Additionally, the system is expected to contribute to improved tax compliance and increased public revenue.
