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Bulgaria Restricts Cash Payments to BGN 15 000

Date: 09.02.2011

Cash payments in Bulgaria should not exceed BGN 15 000 under amendments adopted conclusively by the parliament on Wednesday.

Amounts exceeding BGN 15 000 must be paid only through bank transfers, the MPs decided in a bid to prevent VAT frauds and unregulated salary payments in the gray economy.

The Ministry of Finance and MPs from the ruling centrist GERB agreed on increasing the maximum sum allowed for cash payments to BGN 15 000, saying the initially proposed BGN 5 000 limit would have caused inconveniences for the citizens trying to purchase second-hand cars and domestic appliances.

The proposition that all salaries should be paid only through debit cards has not been included in the final bill.

The measure has been deemed by some of the GERB MPs as ineffective as far as restricting the gray economy goes. Furthermore, it will cause difficulties in places where there are not enough banks functioning.

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