If a company in Romania exceeds the cash payment ceiling, which is the maximum amount of cash that can be used in a transaction between two parties, it will be fined 25% of the excess amount.
Here are the extended details....
The Romanian Ministry of Finance emphasizes the cash payment limits and increases fines for non-compliance with the new bill.
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Romania
Author: Kristina Dosen
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Fiscal subject related
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7276
Content accuracy validation date:
24.11.2023
Content accuracy validation time:
13:53h
The new fines and penalties in case of non-compliance for companies (including retailers) in Romania for not adhering to rules for cash transactions are defined and include penalties for the following cases:
- If a company exceeds the cash payment ceiling,
- If a company exceeds the cash balance in the cash drawer,
- If a company fails to issue or register a fiscal receipt for payments in cash,
- If a single transaction is paid in cash, it goes over the ceiling of allowed payments in cash per day.
If a company exceeds the cash payment ceiling, which is the maximum amount of cash that can be used in a transaction between two parties, it will be fined 25% of the excess amount. The cash payment ceiling for transactions between economic operators (such as retailers) is 10,000 lei, and for transactions between economic operators and individuals (such as customers), it is 50,000 lei. These amounts are lower than the previous ones, which were 50,000 lei and 100,000 lei, respectively. The new law also clarifies that the cash payment ceiling applies to the total value of the transaction, not to each payment or installment. The new bill, i.e., the law, will enter into force on January 1, 2024.
In case a company exceeds the cash balance in the cashier, which is the amount of cash that a retailer can keep in their cash register or safe at the end of the day, it will be fined 125,000 lei. The cash balance in the cashier for economic operators (such as retailers) is 50,000 lei, regardless of the currency. This amount is higher than the previous one, which was 5,000 lei. The new law also allows economic operators to keep a higher cash balance in the cashier if they have a justified reason, such as a seasonal increase in sales, and if they notify the tax authority in advance. The new law will enter into force on January 1, 2024.
If a company fails to issue or register a fiscal receipt, which is a document that proves the payment of goods or services in cash, it will be fined 10,000 lei. The fiscal receipt must be issued and registered for every cash transaction and must be provided to the customers upon request. The fiscal receipt must also be generated and transmitted by electronic cash registers that are connected to the tax authority's system and must report the cash transactions in real time. The new law will enter into force on January 1, 2024.
The current limit for a single transaction paid in cash for a fiscal receipt issued to a customer in B2C in Romania is RON 10,000 (some EUR 2,200 at today's exchange rate) per day. This means that cash payments between individuals cannot exceed this amount in one day. The ceiling for cash payments that companies can make to other companies or individuals is RON 5,000 (around EUR 1,100), up from RON 10,000. The penalties for non-compliance with these cash payment limits are fines ranging from RON 5,000 to RON 10,000 for individuals and from RON 10,000 to RON 20,000 for legal entities.
These are the main types of activities involving cash that are subject to fines and penalties for non-compliance in Romania, whereas the new penalties are planned to enter into force on January 1, 2024.
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