As the world becomes increasingly digital, card use has become quite widespread. In this regard, businesses also offer customers the option of a POS device. However, as banks have recently increased the commission they receive from this service, some businesses are receiving payments with IBAN. According to the latest developments, huge fines are on the way for these businesses. Here are the details…
Ministry of Finance will investigate businesses that receive payments with IBAN
As it is known, businesses do not issue receipts and invoices when they prefer IBAN instead of using a POS device to receive payment. In this way, they avoid paying commission to the bank, but since the payment received is unregistered, it is seen as tax evasion. Moreover, it is thought that it will not create a problem since the customer can explain it as “my friend sent it” when asked for an account for the money he sent. But this situation is coming to an end.
The Ministry of Treasury and Finance went after businesses that received payments with IBAN. Within the scope of the measures to be taken, it is aimed to prevent losses in VAT, income and corporate taxes. For this purpose, bank accounts that constantly receive payments from different people will be identified and, if necessary, penalties will be imposed on their owners.
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So what do you think about this issue? Do you think the step taken by the Ministry of Treasury and Finance will end the era of receiving payments with IBAN? Don’t forget to share your opinions with us in the Comments section below.