THE LIMIT SET FOR CASHLESS PAYMENTS HAS BEEN CHANGED
On May 1, 2020, the Milli Majlis (Parliament) of the Azerbaijan Republic voted on some amendments to the Law of the Republic of Azerbaijan “On cashless payments” (hereinafter “the Law”) and a new article on the limit of cashless payments was added to the Law.
According to the amendment, the maximum amount that can be paid in cash to each person engaged in seasonal work on the basis of civil contracts related to agricultural production is set at 20 AZN per day. Moreover, such payments are not included in the limit of cashless payments provided for in Section 3.3 of this Law.
It should be noted that earlier the limit of payments in cash for VAT payers and taxpayers, whose taxable transactions amounted to more than 200,000 AZN in any month of the 12-month period was set at 30,000 AZN for each calendar month. At the same time, other taxpayers had a cash limit of 15,000 AZN for each calendar month. All payments exceeding the established limit should have been made in cashless form. (Law, article 3.3)
The amendment to the Law is aimed to ensure the transparency of registration of seasonal workers and their social protection.
Source link: “The Law of Republic of Azerbaijan on amendments to the Law of Republic of Azerbaijan "On Cashless Payments"”
