Moldova’s individuals will be able to buy cars or real estate worth up to 300 thousand lei in cash.
This is stipulated by the draft law on cash settlements developed by the Ministry of Finance, which, after public consultations, was sent for consideration by the working group of the state commission for regulation of entrepreneurial activity. The draft law regulates the procedure of cash operations, establishes the conditions of cash withdrawal from the cash office of a business entity, as well as the procedure of sanctions for non-compliance with the rules of cash payments and the established limits. In particular, it is proposed to establish limits for cash transactions in cash for 2 categories of entities. The first category - individuals not engaged in entrepreneurial activity: when buying vehicles or real estate, they will be able to carry out cash transactions, provided that the purchase value does not exceed 300 thousand lei, including if the payment is made in installments. The second category - legal entities, regardless of the type of ownership and organizational-legal form; institutions (except budgetary); permanent representative offices and branches of non-resident organizations; non-profit organizations; individuals engaged in entrepreneurial activity and professional activity in the field of justice/health care - specific limits of cash transactions are set for them. They will be able to make cash payments in an amount not exceeding in aggregate 100 thousand lei per month to other legal entities and individuals engaged in entrepreneurial and/or professional activity in the field of justice/health care (the limit of the amount does not apply to cash replenishment of accounts opened with payment service providers), as well as cash payments in favor of an individual not engaged in entrepreneurial activity, in an amount not exceeding in aggregate 100 thousand lei per month, subject to the established exceptions. The annual limit of 100 thousand lei will be established for business entities that make payments in favor of individuals who do not engage in entrepreneurial activity, from handing over waste and residues of ferrous and non-ferrous metals, industrial waste containing metals or their alloys; from handing over returnable containers, residues and waste of paper, cardboard, rubber, plastic and glass (glass waste), as well as used batteries; from the sale of crop and horticultural products in kind and livestock products in kind, live and slaughtered weight. The annual limit of 100 thousand lei in cash is envisaged for dividend payments to all founders/shareholders, for payments under loan agreements to all borrowers; for payment for services rendered per one supplier or his/her representative. At the same time, the above-described categories of business entities will be able to unlimitedly use cash for payment of labor and other payments arising in the framework of labor relations; for the fulfillment of obligations to banks; for settlements with state institutions and state bodies; for pledge, surety, other payments in criminal cases made to state institutions and state bodies; for payment of tax liabilities, payments, fines to the budget. For exceeding the established limit of cash payments, the State Tax Service (STS) will be able to apply fines ranging from 7% to 15% of the amount paid. It was also proposed to establish the period of keeping cash in the entity's cash office: the STS will be able to apply penalties (from 500 to 5000 lei) in case the business entity fails to use the amounts intended for payment of salaries or various liabilities (to banks, budget, etc.) for more than 5 working days. In case of non-return or untimely return of cash to the cash office of the economic entity, the person who issued the cash may be fined from 0.1% to 0.3% for each day of delay, but not more than 35% of the amount not refunded/reimbursed untimely for each individual case. At the same time, for individuals who are not engaged in entrepreneurial activity, the penalties for making cash payment above the limit will be from 7% to 15% of the amount paid in cash. The draft law is expected to be enacted 3 months after its publication. At the same time, the provisions of the Code of Offenses and other laws regarding the rules for cash payments will be abolished. // 13.10.2023 – InfoMarket
