The Ministry promises that the restriction of cash payments will provide 2% shadowing

The decision of the National Bank of Ukraine on reducing the maximum amount of cash settlements with participation of physical persons to 50 thousand UAH in one day will have a positive impact on the process of legalization of the economy. This is evidenced by preliminary calculations of the Ministry of economic development and trade, the press service of the Ministry.

Online shopping can be closed due to restrictions of the NBU

«De-shadowing will occur as a result of reducing the possibilities of money laundering (suspicious or illegal), in particular by purchases and sales values, real estate, services of high value. In addition, such a restriction would contribute significantly to the reduction of cash in circulation within the excess of the current needs of the consumer,» — said in the message.

This is also reflected in the results of the calculation of the level of the shadow economy according to the monetary method. The monetary method is based on the assumption that the implementation of economic entities and the population unreported economic activities payments for goods, works and services are made using cash. So, after the introduction of restrictions possible reduction of the level of shadow economy in the initial phase is estimated in the range of about 4%, which ceteris paribus reduces the integral indicator of the shadow economy of approximately 2%.

According to first Vice Prime Minister — Minister of economic development and trade Stepan Kubiv, the decision will not affect the interests of ordinary people, «since more than 90% of the daily expenses of Ukrainians today (happen to sum — R) is less than 50 thousand UAH».

As reported, from 1 September 2013 in Ukraine the maximum amount of cash payments at the level of UAH 10 thousand — for settlements of enterprises (businesses) among themselves in during one day, 150 thousand UAH – for the calculations of individuals, enterprises (entrepreneurs) during one day for goods (works, services) and between themselves by contracts of sale, subject to notarization.

In the summer of 2014, the NBU has proposed to reduce the maximum amount of cash settlements in transactions with individuals up to 100 thousand UAH, and in the summer of 2015 – up to 50 thousand UAH.

From January 4, 2017 national Bank set the maximum amount of cash settlements with participation of physical persons to 50 thousand UAH.

Online shopping can be closed due to restrictions of the NBU

Limitations of the National Bank of Ukraine for the cash settlements may hit the online stores that accept such payments, but also will cause a lot of inconvenience to the Ukrainians.

Comments about this publication Gazeta.ua the Director of the Ukrainian analytical center Alexander Okhrimenko.

«Before a major purchase will have to put a large sum of money to the card. This is a step towards the introduction of General income Declaration. The state can control not only revenue but also costs. When paid into a Bank account of the sum more than 150 thousand hryvnia now need to explain where you took the money. In the future will have to explain where she got the money to buy worth more than 50 thousand. If the person can’t explain, you will have to pay taxes as ordinary income,» – said the expert.

He noted that the changes will hurt small online stores, and other expensive items where customers pay in cash.

«Used to sell for cash. On the one hand, they are required to introduce cash registers, on the other – limit of the clients in cash. Some of them will close. Legally can not work», – said Okhrimenko.




The Ministry promises that the restriction of cash payments will provide 2% shadowing 05.01.2017

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