BUSINESS IN SHORT

FinMin to limit cash payments

THE FINANCE Ministry wants to restrict transactions whose total value exceeds €5,000. If a new law passes, all such purchases will have to be done cashless, i.e. through bank transfers, the SITA newswire wrote.

THE FINANCE Ministry wants to restrict transactions whose total value exceeds €5,000. If a new law passes, all such purchases will have to be done cashless, i.e. through bank transfers, the SITA newswire wrote.

“The measure to limit cash payments would prevent [the] fictitious issuance of pay slips with no real flow of funds,” reads the statement of the ministry, as quoted by SITA.

The new measures will concern all private individuals and companies, including those making payments abroad, if their headquarters are in Slovakia. Yet, there will be several exceptions, such as when one of the trading parties is a state body.

The new law also includes fines for violating the rules. While individuals might be punished with fines of up to €10,000, companies may have to pay as much as €150,000 for violating the law, SITA reported.

The law is part of a series of measures included in the Action Plan for Combating Tax Evasion in 2012-16.

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