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Deals of more than 5000lv – only by bank transfer


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Deals of more than 5000lv – only by bank transfer

The payments of deals that are of more than 5 000lv will be made by bank transfer only. That is planned in a project of a cash payment law which the National Income Agency (NIA) has indicted and deposited in the Ministry of Finance. It is stated that there are cases when deals of 10-15 million leva are settled in cash, which is not typical for any other European country.
According to the project if the physical person breaks the norm, for the first offense they will have to pay a 25% fine upon the cash sum, and for the second offense – 50%. For legal entities the fine is 50% for the first offense and 100% for the second. It is expected that with this measure 90% of all turnovers will come to light.

Practically in the National Income Agency they were ready to connect online the traders’ cash registers with NIA’s structures. Time, however, is needed to ensure that the business will be prepared by changing its cash register or providing the necessary modem connection. At the moment the registered cash registers are 650 000, as according to the ordinance every trade object (including the smallest ones) should be connected. The ordinance for the online connection of the trade objects with NIA has a 2-year preparation period.