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Bulgarian Law Restricts Cash Payments to 15,000 BGN
The Law on restricting cash payments was promulgated on February 22, 2011 and it will officially come into force on February 25, 2011.
According to the new law the maximum amount which can be paid in cash is 15,000 BGN (about 7,700 EUR). If the sum is equal to or higher than 15,000 BGN, or it is a payment under 15,000 BGN but it is part of an agreement for a sum above 15,000 BGN, it will have to be paid with a bank transfer or in a bank account. The law will also be in force for payments under deals and agreements concluded before the law’s entering into force but which have not been finished at the time of the enforcement.
In view of the sale and purchase of properties this law limits the possibility of cash payments or cash deposits or the payment for properties whose price is equal to or above 15,000 BGN. Payments of such sums must be made only via a bank transfer. One of the main motives for this law to be introduced is that it will lead to a restriction of the grey economy and to a considerable increase in the revenues to the state budget.
The law makes provision for strict sanctions for cash payments above the allowable limit. Upon a second breach of the law legal persons will be sanctioned with the amount of the full sum paid and physical persons – with 50% of the full sum paid under the deal.
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Copyright: 2011 Bulgarian Properties Ltd. All rights reserved. For further information or advice please contact us on tel.: +359 2 9 11 50 or e-mail: info@bulgarianproperties.com. The use of this article by third parties is allowed only with proper quotations of the source www.BulgarianProperties.com and the Author of the article. The data in this material has been collected by the Author and Bulgarian Properties Ltd. and is presented for information purposes only. We have made every effort to ensure the accuracy of the data. However, Bulgarian Properties Ltd. cannot be held responsible for loss or damage as a result of decisions made based on the information presented in this article.
© Bulgarian Properties Ltd. 2011.
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