The maximum amount for a single cash payment in Belarus has been set at 1,000 basic units.

20 October, Minsk /BELTA/. In Belarus, the maximum amount of a single cash payment by an individual for goods (works, services) sold by legal entities and individual entrepreneurs, not related to their business activities, has been set at 1,000 basic units (one basic unit is currently Br150 thousand). This is stipulated by Decree of the President of Belarus No. 493 "On the Development of Non-Cash Payments", which was officially published on the National Legal Internet Portal on 18 October, BELTA reports.

Thus, legal entities and individual entrepreneurs are not entitled to accept cash payments from individuals exceeding the maximum payment amount when selling goods, performing works, or providing services. This rule does not apply to payments made by depositing cash directly into the cash desks of banks for crediting to the bank accounts of legal entities and individual entrepreneurs.

The document also establishes that until 1 January 2017, income paid by resident banks located in Belarus to individuals in the form of interest on the amount of payment for goods (works, services) using bank payment cards and remote banking services, but not exceeding 2% of the payment amount, will not be recognized as an object of income tax for individuals. The decree also states that amounts of money stolen from the accounts of individuals for whom bank payment cards have been issued, and subsequently reimbursed by banks, will not be recognized as an object of income tax for individuals.

These innovations, aimed at increasing the share of non-cash payments made by individuals in the country, will come into force six months after the official publication of the decree.

The Council of Ministers and the National Bank are to bring legislative acts into compliance with this decree within six months and take other measures aimed at its implementation. This instruction comes into force upon the official publication of the document.