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Limitation of cash payments
monday, 24 June 2013

The parliament of the Czech Republic is awaiting the adoption of a bill amending the restrictions on cash payments. According to the plan, all transactions, commercial and private, the value of which exceeds PLN 350,000, will be limited. crowns.

Limitation of cash payments

Compared to the current wording of the act, the quota limitation will no longer only apply to liabilities due to commercial transactions, but to all operations (even donations or exchanges at the exchange office).

From the principle of limiting the size of cash transactions, payments to a bank account or cash payments to tax authorities, at which institutions will seek the origin of the inserted cash, will remain.

At the same time, the Ministry of Finance abandoned the planned reduction to the amount of PLN 350,000. crowns within 30 days. The remaining limit will apply to all transactions between the same entities on a given day, as before.

The limitation in the amount of cash transactions also applies to trade with foreign entities.

In addition to tax offices, the central bank will monitor compliance with the provisions.

The amendment to the act is of a technical nature and it is expected that the legislative process will be completed quickly. The change was imposed by a verdict of the Supreme Administrative Court of the Czech Republic.

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