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Bills to strengthen non-cash settlements will be finalized

March 31, 2018

IBC representatives participated in a meeting of the working group under the Parliament Committee on Economic and Fiscal Policy. The issues of strengthening the non-cash settlements, in particular, the necessity of mandatory installation of POS terminals in trade outlets and the formation of infrastructure for conducting non-cash settlements were considered. It is also necessary to develop a methodology to determine the threshold amount for non-cash settlement.

MPs commented on the draft laws provided by the Economy Ministry. The MPs doubt the need to adopt them. The introduction of an electronic system of fiscalization of tax procedures will allow solving the issues of strengthening non-cash payments. The Economy Ministry was entrusted to finalize the concept taking into account the comments and submit it to the WG and the business community for consideration.