Parliament Decided to Reduce the Cash Payment Threshold to BGN 5,000.

Business | November 8, 2017, Wednesday // 16:07| Views: | Comments: 0
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Bulgaria: Parliament Decided to Reduce the Cash Payment Threshold to BGN 5,000.

Parliament voted amendments at first reading  to the Value Added Tax Act, FOCUS reported.

The envisaged amendments complement the registration provision by which taxpayers undertake to apply for registration within 7 days of the date on which, on the basis of the volume and nature of the activity performed, they can reasonably be expected to reach a taxable turnover from BGN 50,000 or more within the current and next month.

According to the importers from the Council of Ministers, the proposal aims to counteract those who avoid VAT registration when carrying out taxable activities for a certain period of the year. It is proposed in case of winding up of a legal entity without liquidation, or of an unincorporated company, or of an insurance fund, the taxable persons to be deregistered by the law of their own revenues.

In the Transitional and Final Provisions of the Bill there are proposed amendments to the Limitation of Payments Act in cash, which would reduce the threshold for limiting cash payments from BGN 10,000 to BGN 5,000. According to the lawmakers, the proposed threshold is in line with the imposed ipractice in the other Member States of the European Union, where the threshold for cash payments ranges from 2,000 to 3,000 euros.

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