fbpx

Electronic Payments

31/ 07/ 2020

Simce tomorrow, August 1, 2020, the Law of Ukraine «On Amendments to the Law of Ukraine «On Application of Payment Transactions Recorders in Trade, Public Catering and Services» and Other Laws of Ukraine on De-Shadowing  of Payments in Trade and Services» №128-IX of September 20, 2019. 

This Law provides for a gradual expansion of the scope of mandatory use of payment transactions recorders (PTR or cash registers) and the possibility of using modern technologies for settlements in parallel with traditional PTR, in particular, software-based PTR with a provision of free software solution. 

According to the EBA member companies, such an innovation will reduce the cost of business for the use of traditional cash registers and will meet the legal requirements on  mandatory use of PTR by business entities on the simplified taxation system of groups 2 and 3 without attracting additional funds for the purchase of cash registers.

In addition, further application of the provisions of Law №128-IX, including the entry into force of the provisions on the so-called cashback (the consumer’s opportunity to return the money paid for goods in case of issuance of a fictitious fiscal check by the seller) – will facilitate the withdrawal of cash and undeclared goods, improving tax administration.  At the same time, protection of legal business from unfair competition, improvement of the situation with consumer protection and, in general, de-shadowing of the economy. 

Among other positive changes, starting from August 1, the possibility of issuing cash at the checkout using a payment terminal at the checkout. Business has been waiting for this innovation for several years. Thus, in order to implement this service, the National Bank of Ukraine has improved the procedure for conducting and accounting for these transactions, adopting appropriate amendments to the Regulations on cash transactions in national currency in Ukraine, approved by the NBU Board Resolution №148 of December 29, 2017.

In turn, the business has made considerable efforts to bring its internal operational processes in line with the new requirements. A number of preparatory measures aimed at adapting the activities of economic entities to the changes provided by the Law were implemented in advance. In particular, the banking sector and the retail sector are ready for a large-scale launch of a new service – cash withdrawal at the box office, which is extremely relevant in terms of de-shadowing of the economy, further development of electronic services and increasing financial inclusion of citizens in general. However, it is very important for businesses to test this service «without penalties» to provide quality service to the consumer, and therefore, we appeal to the Tax Service to allow a transition period for setting up equipment and training of personnel.

The EBA is grateful to the Committee on Finance, Tax and Customs Policy of the Verkhovna Rada of Ukraine for its attention to the position of the business community and support in preventing the postponement of the entry into force of Law №128‑IX. 

If you need additional information, please contact Victoria.Burdeina@eba.com.ua, the Electronic Payments Committee Coordinator of the Association. 

Read articles. Share in social networks
0 Shares

Spelling error report

The following text will be sent to our editors: