European Parliament Passes Law to Restrict Cash Payments to €10,000
The European Parliament has voted to impose a €10,000 limit on cash payments within the European Union
The Parliament has endorsed key amendments in the tax insurance procedural code, notably slashing the cash payment threshold from BGN 10,000 to BGN 5,000. Additionally, the legislation introduces a "denunciation bonus" offering a 10% reward for informing the National Revenue Agency (NRA) on undisclosed taxes.
The revised code demands that informants provide specific undisclosed facts leading to the collection of over BGN 100,000 in taxes, insurance contributions, and interest. The informant should not be associated with revenue, customs administration, or relevant state departments.
Another significant addition is the requirement for restaurant sector employers in higher-rated establishments to pay employees via bank transfer and equip themselves with POS terminals.
However, "There Is Such a People" (TISP) and "Vazrazhdane" parties expressed opposition, alleging these revisions favor banking interests. They aim to propose an inflation-adjusted threshold increase to BGN 15,000.
Furthermore, MPs backed changes in the Law on Local Taxes and Fees permitting municipalities to update tax assessments. Critics fear this may hike taxes indiscriminately. Notably, discussions involved concerns that this might burden many individuals and, in retaliation, reduce subsidies for municipalities.
The amendment was initiated by the association of municipalities to update tax assessments based on market values, albeit without an outright increase in taxes.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Fitch Ratings, a leading credit rating agency, has affirmed Bulgaria's Long-Term Foreign-Currency Issuer Default Rating at 'BBB' with a Positive Outlook
The National Statistical Institute reports that in 2023, the poverty line for the entire country stood at 637.92 BGN per person per month within households
Bulgaria's long-anticipated entry into the Eurozone may face a delay, as the country is unlikely to meet the inflation criterion required for the introduction of the euro on January 1, 2025
The price of retail lamb in Bulgaria has surged by 8.4% on an annual basis, according to statistics released by the Ministry of Agriculture and Food, with data sourced from SAPI indicating an average price of BGN 25.27 per kilogram as of April 10
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022