From the beginning of 2016 the maximum amount, which could be paid in cash in Bulgaria is limited from 15,000 levs to 10,000 levs. The amendments in the Limitation of Cash Payments Act were published in State Gazette No 95/08.12.2015 and are effective from 01.01.2016.
The restrictions apply for payment transactions equal to or exceeding 10,000 levs, as well as when the payment itself is under this amount, but it is part of the cash consideration under a contract with value which is equal or exceeds 10,000 levs.
The law does not apply in exhaustively listed cases, such as the withdrawal and depositing of cash from/to own payment accounts, payment accounts of legally incapacitated people, spouses and lineal relatives; foreign exchange transactions in the line of business; payment of salaries under the Labor Code and others.
author: Vesela Velinova, attorney-at-law
Member of “Velinov and partner” Consulting House
