Bulgarian Govt Approves Bill on Lower Cash Payments Ceiling

Bulgarian Govt Approves Bill on Lower Cash Payments Ceiling

Bulgaria's government approved draft amendments to the country's tax laws lowering the ceiling for cash payments to 5,000 levs ($2,900/2,560 euro) from 15,000 levs with the aim to curb the gray economy, the government's press service said on Wednesday.
For payments in foreign currency, the ceiling would be the same, as it would be calculated using the exchange rate of the Bulgarian central bank for the day of payment, the government's press service said in a statement following a regular meeting.
In mid-September, the finance ministry said the proposed amendments are in line with the established practice in the European Union member states where the upper limit for cash payments is in the 2,000 -3,000 euro range.

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