Cash payments: new restrictions and obligations for businesses

Belarus: From 12.09.2017 legal entities and individual entrepreneurs accepting cash payments from individuals must do so according to the following rules.

Payments in cash by individuals to a legal entity must not exceed the amount of 1000 basic units as before (approx. EUR 11 336). But currently this limit applies for each payment. From 12 September 2017 legal entities and individual entrepreneurs will be not able to accept more than 1000 basic units in cash under one agreement (all payments in the agreement). This restriction applies to payments from individuals not engaged in commercial activities.

If an agreement is for more than one year or if the terms are not set in the agreement, an individual can pay no more than 1000 basic units in cash during each calendar year of fulfilling obligations under the agreement.

If legal entities and individual entrepreneurs sell goods (work, services) to individuals more than three times in a calendar quarter amounting to more than 1000 basic units, under the new rules they must enable payment for the goods (work, services) through the single accounting and information space (ERIP).

Note that since accepting cash from individuals in an amount exceeding the limits is an administrative offence, we recommend following the new rules in due time.

Source: National legal Internet portal of the Republic of Belarus (NLIP) 11.03.2017, 1/16942

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