Government will oblige trade companies to accept non-cash payments

The Ministry of Economic Development and Trade has developed a draft resolution of the Cabinet of Ministers with a new schedule of the transfer of all enterprises in the sphere of trade to accepting non-cash payments starting in July 2019. It is reported by FinClub.

In this document, the ministry proposes to establish a mandatory schedule for the implementation of accepting non-cash payments, and to tie its stages to the type of companies’ activity:

  • Until July 1, 2019, the companies that sell equipment that is subject to warranty repairs, excisable goods, jewelry, pharmaceuticals, as well as enterprises that provide housing and utility services, medical and dental, travel agencies, restaurants, and hotels are required to start accepting non-cash payments.
  • Until January 1, 2020 – organizations from the cultural sector, health protection, insurance, reinsurance and private pension provision, companies selling cars, motorcycles and spare parts for them, their repair, rental vehicles, postal and courier activities, all types of passenger and cargo transportation, fitness centers.
  • Until July 1, 2020, non-cash payments must be accepted by anyone who sells goods and services that cost more than 50 non-taxable minimums (UAH 850).

At the same time, the Ministry of Economic Development indicated in the new document that non-cash payments can be received through POS-terminals, as well as “electronic payment services”, which is “online payment services, mobile applications, Internet banking and transfer systems to the current account of a business entity money around the clock.” The document also indicates that the sale price of goods or services for cash or non-cash funds should not be different. Until July 1, 2020, non-cash payments must be accepted by everyone who sells goods and services worth over 50 non-taxable minimums (UAH 850).