New law to limit cash payments

In February 2011 came into force a new law (Law to limit cash payments), which provides that payments in the country can only be made by bank transfer or deposit the amount in a bank account, when the amount is equal to or exceeding BGN 15 000, or the amount is below BGN 15 000, but represents part of the cash consideration under a contract whose total value is equal to or exceeds BGN 15 000. This restriction applies in the case of payments in foreign currency, when their equivalent in BGN is equal to or exceeding BGN 15 000 at the rate determined by the Bulgarian National Bank on the day of payment. This limitation does not apply in the cases expressly specified by the law, including in case of payment of salaries.

17.02. 2011