The Alternate Minister of Finances Tryfon Alexiadis has urged banks to reduce their charges for electronic transactions, in order to help tackle tax evasion. Mr. Alexiadis argued that the high charges imposed by banks must be streamlined and become more rational, as in the rest of Europe.
During a committee meeting in Parliament, Mr. Alexiadis denounced the imposition of a 3% commission charge on credit cards and a 0.50 euro charge on electronic payments. The Alt. Minister argued that banks also charge 35 cents for the payment of DEI bills via card and 50 cents via e-banking, when there is no cost and as such the charges should be much lower.
According to the Alternate Minister the banks have an obligation to reduce their charges, given the support they have received from the State. Mr. Alexiadis also argued that he will introduce further legislation to support the use of debit and credit cards, in an effort to tackle tax evasion.
