New Subsidy Plan for Professionals: Cash Registers, POS, and IRIS

A new subsidy program has been initiated to assist small and medium-sized enterprises (SMEs) and self-employed professionals in upgrading their cash registers. This initiative comes ahead of the expansion of the direct payment system IRIS and the full implementation of electronic invoicing by mid-year. The Ministry of National Economy and Finance, according to ertnews, is planning an awareness campaign along with specific financial programs titled ‘Digital Transactions.’ Through these programs, vouchers will be provided from the Recovery Fund to cover the technical needs of businesses and freelancers. Software improvements, device upgrades, or even replacements, as well as general technical support for connected POS systems, are considered essential for a smooth transition into the new digital era. Strengthening electronic transactions not only facilitates businesses but also provides valuable data for targeted audits by regulatory mechanisms. For instance, in 2024, due to the widespread use of POS in the market and IRIS, the value of electronic transactions increased by 10.7% and reached €67.7 billion. The connection between tax mechanisms and POS has already reached 99.7%, achieving the relevant Recovery Fund goal. More than 450,000 entrepreneurs have complied with the measure, transferring millions of receipts in real-time to the Independent Authority for Public Revenue (AADE), along with critical information about each transaction such as sales amounts, VAT, and payment methods. In the last two years, over 10,000 old cash registers have been withdrawn, while 320,000 new smart devices have been added. The next step is connecting IRIS with cash registers. Following self-employed professionals, businesses will also be required to accept payments through IRIS, ensuring every transaction is accompanied by the corresponding receipt. This process must be completed by October 9, the deadline for EU member states to comply with the European Regulation on direct payments. From July onwards, electronic invoicing will also be implemented for businesses. With the ‘green light’ from the Commission, the digital arsenal of the AADE is being strengthened, contributing to the reduction of fake or phantom invoices, revenue concealment, and VAT fraud. Electronic invoices between businesses will become the primary means of transmitting data to myDATA, allowing for immediate and accurate recording of transactions. Electronic invoicing will be implemented in two phases: first for larger companies and then for smaller ones. Many SMEs are expected to acquire all-in-one ‘2-in-1’ devices combining cash registers and POS or opt for digital providers and other invoicing applications to meet the new requirements. Regarding IRIS, it is a reality for 3.5 million citizens, enabling direct money transfers up to €500 daily without banking prerequisites. Its usage skyrocketed in 2024, as half of citizens with active web banking now have their accounts linked to the system. By June, the limit for direct transactions via IRIS, currently at €500 daily, will double to €1,000 per day (€500 to citizens and €500 for transactions with professionals).