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Saturday, 21.01.2017, 15:19
Restrictions on cash transactions between individuals to come into effect in 2017
The restriction only applies to transactions that are carried out in cash. No such restrictions will be imposed on transfer settlements between natural persons.
As of January 1, 2017, natural persons who are not engaged in carrying on a business will not be allowed to engage in cash transactions the value of which exceeds EUR 7,200, according to amendments to the Law on Taxes and Duties that the government adopted in September 2016.
If a brother, for instance, wants to lend EUR 7,500 to his sister (provided that none of them are engaged in a business) for buying a car, the brother can lend her EUR 7,200 in cash, but the remaining EUR 300 have to be transferred to the sister’s bank account under the new regulation.
Also, natural persons will be banned from making payments exceeding EUR 7,200 to persons registered as commercial entities.