Bulgaria Bans Cash Payments of More Than 1,000 Leva by 2020

Bulgaria Bans Cash Payments of More Than 1,000 Leva by 2020

The current bracket of 10,000 leva will be cut by half at the beginning of 2018 and over the following two years it will be further reduced to 3,000 leva and 1,000 leva.
These measures are provided in the latest amendments to Bulgaria's Tax Insurance Procedure Code passed by the Council of Ministers. They are aimed at restricting the grey economy in the country.
The amendments will allow the National Revenue Agency (NRA) to open an account at the Bulgarian National Bank (BNB) and start accepting payments of taxes and social security premiums via POS terminals and the Internet. At present, all payments to NRA are managed by the Economic Investment Bank (EIB).
The amendments are also expected to put an end to the vicious practice of businessmen "selling" their heavily indebted companies to insolvent individuals, usually of Romani descent.

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