After barring the purchase of property in cash, Greece has adopted a tax law to further crack down on evasion by prohibiting cash payments of more than 500 euros ($545.68) with fines up to twice the value of a transaction.
The fine had been only 100 euros ($109.14) and the New Democracy government had wanted to lower the bar for cash dealings to only 300 euros ($327.41) but the European Central Bank was said to have objected to such a low benchmark.
Source: The National Herald
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