NBU simplifies procedure for conducting cash transactions for entrepreneurs

NBU simplifies procedure for conducting cash transactions for entrepreneurs

Ukrinform
The National Bank of Ukraine (NBU) has simplified the procedure for conducting cash transactions in the national currency for individual entrepreneurs, according to the central bank’s press service.

The NBU decided this following the approval of the Law of Ukraine "On amendments to the Tax Code of Ukraine on the functioning of the electronic cabinet and simplifying the work of individual entrepreneurs”, which simplified the work of individual entrepreneurs, who are unified tax payers of Groups 1 and 2, and unified tax payers of Group 3, who are VAT non-payers, namely, abolished the bookkeeping of income.

Such individual entrepreneurs will keep records in any form (paper or electronic), reflecting the received income on a monthly basis. As the current regulations on conducting cash transactions in the national currency in Ukraine contain references to documents used by individual entrepreneurs for cash accounting, the National Bank has brought it in line with the requirements of this law.

The NBU has also brought the issue related to the requirements for registration of scrap metal procurement and operations with scrap metal for cash in line with the Law of Ukraine "On amendments to certain legislative acts of Ukraine on de-shadowing of the market of metallurgical raw materials and operations with scrap metal”.

Relevant norms are included in the resolution of the Board of the National Bank, No.155, as of December 8, 2020 “On amendments to the regulations on conducting cash transactions in the national currency in Ukraine”. The resolution enters into force on December 15, 2020, sub-items relating to the simplification of accounting for individual entrepreneurs - from January 1, 2021.

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