February 6, 2023

Valley Post

Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

AADE: Two new types of electronic tax mechanism

The technical specifications of two new types of electronic tax mechanism (FEM) are determined by a decision of its governor AADE (Independent Authority for Public Revenue) George Betsilis.

As mentioned by the AADE (Independent Public Revenue Authority) in a related announcement, it is related to the Public Electronic Tax Collection and Labeling Mechanism (FIMAS), the FIMAS Restaurant.

More specifically:

1. FIMAS provides users with new features, while ensuring accuracy of data transmitted to the AADE, interfaces with POS for transferring card payment transactions, and upgrades without a technician visiting on site.

2. Restaurant Reputation is for restaurants with tables. It has additional security specifications and records the transaction process, from issuance of order slips to issuance of final legal receipt and payment.

The goal of the AADE is that in 2023 companies will operate with modern FIMs suitable for the retail transactions they carry out.

A more specific timetable for replacing FEMs will be determined in collaboration with the Ministry of Finance, after consultation with market operators.

By a second decision of the AADE Governor, taking into account comments arising from relevant consultations and implementation tests by manufacturers, the specification for the interface between the FIM and EFT/POS payment card acceptance terminals, as specified in A.1098/13, updated-7-2022 and is Valid from 1.1.2023.

The main points of the update are improved coding in the communication between the two devices and the way possible failures are handled, either in the FEM or in the communication infrastructure of the two devices.

Connecting FIMs with EFT/POS aims to facilitate transactions using payment cards while simultaneously securing public revenues from the issuance of retail receipts through FIMs.

See also  Popeyes plans to open 200 new stores in North America this year

“We remain in continuous collaboration with the agencies, so that the FIM and POS interconnection specifications are implemented as soon as possible and the companies connect the FIM with their POS in a timely manner, in accordance with the relevant schedules for recovery and resilience fund,” the AADE announcement concludes.

Read also