Financial institutions will inform the SRS about cash transactions above 750 euros / day

by times news cr

The draft law is designed to improve the supervision of tax payments by limiting the circulation of cash, as well as to promote the use of cashless money in transactions. In addition, its purpose is also to improve the legal framework, which provides for the provision of information to the State Revenue Service about suspicious transactions, the FM explains.

The amendments have been prepared by fulfilling the measures included in the Shadow Economy Limitation Plan for 2024-2027.

With the amendments, the Cabinet of Ministers will be delegated to determine the cases when the subject of the Law on the Prevention of Money Laundering and Financing of Terrorism and Proliferation is obliged to submit a threshold declaration to the State Revenue Service (SRS), using the Financial Intelligence Service’s Financial Intelligence Data Receiving and Analysis System.

Currently, the Law “On Taxes and Fees” defines only one specific subject and case when a threshold declaration must be submitted. From now on, the SRS will receive information on all cash transactions worth more than 750 euros.

Also, the planned amendments provide that credit institutions and service providers will be obliged to provide information to the SRS once a year about cash transactions of customers – natural persons, if their total amount exceeds 7,000 euros per year.

Currently, the SRS receives information about those natural persons whose account turnover in the previous year exceeds EUR 15,000.

Thus, the information on cash deposits in connection with the information provided by credit institutions and payment service providers already at the SRS’s disposal will make it possible to more effectively identify the risks of tax evasion and prevent them in a timely manner, according to the FM.

On the other hand, for taxpayers whose annual turnover is over 50,000 euros per year, amendments to the law will oblige customers to provide the opportunity to pay for services and transactions in retail also in cashless money.

Thus, the planned regulation will affect service providers and retailers, who, in addition to the already existing cash payments, will have to provide the opportunity for customers to pay in cashless mode as well, FM explains.

The regulation currently in force already stipulates that taxpayers make only cashless payments in wholesale, including with payment cards. According to the Law “On Taxes and Fees”, the sale of purchased goods in one’s own name to an economic activity performer for resale, production or ensuring one’s own activity is considered wholesale.

The bill is included in the package of bills accompanying the bill “On the state budget for 2025 and the budget framework for 2025, 2026 and 2027”. Thus, its entry into force date is January 1, 2025.

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