Cash payments will be drastically cut, according to the draft fiscal measures that Marcel Çolaku will bring to parliament, taking charge.

The considered argument was the need to strengthen financial discipline, fight against tax evasion and money laundering, the Memorandum of Understanding of the project shows. An important role was played by the recommendations of the European Commission on limiting the use of cash payments and strengthening sanctions for persons who make cash payments above the established maximum limit.

Finance also uses the latest MONEYVAL assessment process, which showed that Romania’s economy is based on cash, with a shadow economy size of approximately 30% of GDP, and the use of cash as the main method of money laundering at the national level.

The amount of fees that are carried out in cash and carry stores does not exceed 2,000 lei/person

Finance’s intention is to limit receipts in cash and carry stores to a limit of 2,000 lei per person. Similarly, a similar limit will be set for individuals in cash and transfer shops (daily limit of 1,000 lei/person, but not more than 2,000 lei/day).

Payments given as settlement advances must be limited to 1,000 lei, the upper limit set for each person who received settlement advances. According to the project, “fragmented cash receipts from beneficiaries on invoices, the value of which exceeds 1,000 lei, are prohibited and, accordingly, 2,000 lei, in

in the case of cash and carry stores, as well as fragmentation of invoices for the supply of goods or the provision of services, the value of which exceeds 1,000 lei, respectively 2,000 lei”

Cash payments are also prohibited

Partial cash payments to suppliers of goods and services based on invoices, the value of which exceeds 1,000 lei and, accordingly, 2,000 lei, to cash and carry stores are also prohibited. Individuals can pay bills whose value exceeds the upper limit of 1000 lei, suppliers of goods and services 2000 lei, respectively, cash shops and transport, as shown: 1000 lei/2000 lei in cash, the amount exceeding this limit can only be paid non-cash means of payment”.

Transactions with receipts and payments between companies and individuals representing remuneration for the supply or purchase of goods or services, dividends, assignment of receivables or other rights, as well as receipt or reimbursement of loans or other financing, are carried out in accordance with the daily limit of 5,000 lei to/ from one person, until December 31, 2024 and 2,500 lei, starting from January 1, 2025.

prohibited fragmented cash payments and receipts to/from a person for transactions of more than 5,000 lei until December 31, 2024 and 2,500 lei starting from January 1, 2025, the quoted draft says.

Last but not least, the amount of cash in the cash registers of the companies cannot exceed the maximum amount of 50,000 lei at the end of each day.

Law No. 70/2015 to strengthen financial discipline with regard to cash receipts and cash transactions, as well as to amend and supplement the extraordinary government order no. 193/2002 on the introduction of modern payment systems aims to regulate cash transactions between legal entities, legal entities and individuals and between individuals.

It is well known that the widespread use of cash is a breeding ground for tax evasion as well as other forms of tax evasion, including foreclosure evasion.

Thus, limiting cash transactions and expanding the use of modern means of payment become a natural complement to measures to strengthen financial discipline, affecting both the reduction of the informal economy and the plan to prevent money laundering and terrorist financing.

At the same time, institutional experience revealed many situations where the accounting records showed an extremely high value of cash, but in reality the value was much lower, the difference was taken by some people in the company and used for personal purposes over time. During tax audits, these transactions were reclassified in accordance with the real state of facts and the correct approach was applied from the point of view of

fiscal view.

According to the financial reports submitted for the year 2022, there are approximately 100,000 small and medium-sized taxpayers at the national level who have declared a house balance of more than 50,000 lei, from this category, Art. 1 paragraph (2) of the Law The existence of a limit amount that can be available at the level of the cashier will lead to a sharp reduction in the risk of fraudulent use of large amounts of cash available in the cash register, without disrupting the current activities of bona fide companies