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Cash can be withdrawn at the outlets from tomorrow- EBA

31/ 07/ 2020

The law on the use of PTR (payment transactions recorders) №128-IX of September 20, 2019, enters into force starting from tomorrow, August 1, 2020.

The draft law provides for the gradual introduction of the mandatory use of payment transactions recorders (PTR or cash registers) and the possibility to use traditional PTR in parallel with modern payment technologies, including free PTR software.

According to the EBA member companies, such new changes will enable businesses to reduce the cost of using traditional cash registers and meet the legal requirements for mandatory use of RRO on a simplified taxation system for the 2 and 3 groups without attracting additional funds to purchase cash registers.

Besides, further application of the Law, including the entry into force of the provisions on the so-called cashback (the possibility to return funds paid for the goods in case the seller issues a fictitious fiscal check) – will facilitate the withdrawal of cash and undeclared goods out of the “shadow” circulation, improve tax administration, protect the legal business from unfair competition, improve the consumer protection and, in general, de-shadow the economy.

Among other positive changes, from August 1, it will be possible to issue cash with the help of a payment terminal at the checkouts. The business has been waiting for this innovation for several years. Thus, to implement this service, the National Bank of Ukraine improved the procedure for conducting and accounting these transactions by adopting appropriate amendments to the Regulation on cash transactions in national currency in Ukraine, approved by the NBU Board №148 of December 29, 2017.

In turn, the business has made considerable efforts to align its internal operational processes with the new requirements. Thus, the business implemented some preparatory measures in advance to adapt their activities to the changes provided by the Law. Thus, the banking sector and the retail sector are ready for a large-scale launch of a new service, namely, cash withdrawal at the box office, which is extremely relevant given the detenization of the economy, digitalization, and increased financial inclusion of citizens. Meanwhile, businesses should have a possibility to test this service “without penalties” to provide quality service to the consumer. Therefore, we appeal to the Tax Service to allow a transition period for equipment set up and staff training.

Thus, the European Business Association thanks the Committee on Finance, Tax and Customs Policy of the Verkhovna Rada of Ukraine for considering the position of the business community and conducting a quality work to implement the provisions of Law №128-IX.

For more information, please contact Victoria.Burdeina@eba.com.ua, Coordinator of the EBA Electronic Payments Committee.

 

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