Significant changes in cash transactions for companies and individuals starting November 1, 2023

From November 1, 2023, the rules on cash transactions will change radically, imposing stricter ceilings and substantial fines for non-compliance. In this article, we present the key changes you need to know, especially if you operate in Brașov or collaborate with the accounting firm Accounting ONE.

A. Cash Payments and Receipts between Individuals and Companies:

  1. New ceiling: The maximum amount for cash transactions between a legal entity and an individual has been reduced to 5,000 lei per day.
    • Previous: The ceiling was 10,000 lei.
    • FINES: A fine of 25% applies for amounts that exceed the new cap.
    • Exceptions: Invoices over 5,000 lei can be partially paid in cash, but only up to the limit of 5,000 lei, the rest having to be transferred through the bank. Wages are not affected by this limit.

B. Cash Payments and Receipts between Individuals:

  1. New ceiling: Cash transactions between individuals are now limited to 10,000 lei per day/transaction, until December 31, 2024.
    • Previous: The ceiling was 50,000 lei.
    • FINES: A fine of 25% applies for amounts exceeding the cap.

C. Cash Payments and Receipts between Legal Entities:

  1. Proceeds: The ceiling for cash receipts from a legal entity has been reduced to 1,000 lei per day.
    • Previous: The ceiling was 5,000 lei.
    • FINES: A fine of 25% applies for amounts exceeding the cap.
  2. Payment: The ceiling for cash payments to other legal entities is 1,000 lei per person, with a maximum of 2,000 lei per day.
    • FINES: A fine of 25% applies for amounts exceeding the cap.
  3. Advances to Settlement: Cash payments to employees for advances for settlement are limited to 1,000 lei per day for each person.
    • Previous: The ceiling was 5,000 lei.
    • Exceptions: The ceiling does not apply to per diems and travel expenses.

D. House Ledger Balance:

  1. New Limit: Cash amounts in the cash register of legal entities must not exceed 50,000 lei at the end of each day.
    • FINES: A fine of 25% applies for amounts exceeding this cap.
    • Exceptions: Exceeding the ceiling is allowed for the amounts related to the payment of salaries.

Conclusion:

The changes are substantial and it is crucial for companies and individuals in Brașov and throughout the country to be aware of them and comply to avoid heavy fines. The accounting firm Accounting ONE is here to guide you and ensure that you comply with the new rules smoothly. Feel free to contact us with any questions or assistance you may need.

Accounting ONE, your trusted partner in accountancy.