Economy ministry to oblige all businesses to accept non-cash payments for goods, services

The Ministry of Economic Development and Trade has developed a draft resolution of the Cabinet of Ministers with a new schedule for the transfer of all enterprises in the sphere of trade in goods and services to accept non-cash payments since July 2019.

According to FinClub, the current schedule for transferring trade sector to POS (point of sale)-terminals has lost relevance in 2011. It was based on a schedule in accordance with number of settlements (up to 25,000, from 25,000 to 100,000, over 100,000).

Since then, the ministry has repeatedly returned to this issue. In January 2018, the Ministry of Economic Development and Trade published a draft resolution of the Cabinet of Ministers with a new schedule (from July 2018 to January 2020), tied to the tax system of a commercial enterprise (general taxation system and a group of single tax payers).

The Cabinet never passed the document. Therefore, on November 14, the ministry published a new version of the draft.

Now the ministry proposes to establish a mandatory schedule, starting from the summer of 2019, and link the stages of the schedule to the type of activity of an enterprise in the field of trade in goods and services. The list of non-cash payment methods is expanding.

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"Electronic payment services," according to the November draft decision, are "online payment services, mobile applications, internet banking and systems of around-the-clock transfer of funds to a business account of a business entity."

Before July 1, 2019, cashless payments will be accepted by companies that sell equipment that is subject to warranty repairs, excisable goods, jewelry, medicines, provide housing and public utility services, medical and dental, travel agencies, restaurants, hotels.

Before January 1, 2020, non-cash payments will be applied in the sales of cars, motorcycles and their parts, their repair, car rentals, postal and courier services, all types of passenger and freight traffic, fitness centers, culture, health care, insurance , reinsurance, and private pension provision.

Before July 1, 2020, such payments must be accepted by those selling goods and services that cost over 50 non-taxable minimums (UAH 850).

All payments of more than UAH 50,000 must be carried out exclusively in non-cash form. The sale price of goods or services for cash or non-cash funds should not differ. Businessmen will be able to rent one POS terminal for several institutions, but only if each business entity provides separate accounting for its operations.

The Antimonopoly Committee of Ukraine, as before, will check the validity of the growth of bank commissions.