December 9, 2022

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Cash Transaction Limit - Money.pl

Cash Transaction Limit – Money.pl

What is the cash transaction limit?

Cash transactions are financial settlements made with money in the form of cash. So it can be banknotes or coins Cash payments are physical financial transactions. The methods of cash payment are cash payment at a bank branch to a specific account, and payment in the store with cash or by postal order. A cash transaction limit is a type of limit that sets the highest value a one-time transaction can reach.

B2B cash transaction limit

Payments between entrepreneurs who organize their obligations relating to their business may be made in cash. If the party to the transaction is another businessman, the possibility of paying in cash is subject to certain restrictions. Importantly, the company cannot settle the payments in cash if The value of the one-time transaction exceeds the equivalent of 15 thousand PLN total PLN. In this case, the only option is to use a payment account, which could be a bank account, SKOK and indirect mechanisms such as card payments or online platforms.

What is more, As of January 1, 2023, the cash payment limit applicable in B2B transactions will be only 8 thousand. Total PLN.

The current limit is 15 thousand. zloty Applies to the value of the transaction, regardless of the number of payments made as part of that transaction. So, how to understand the one-time value of a transaction? It is the totality of receivables or obligations, expressed in money and results from the paid delivery of goods or the rendering of paid services, specified in the contract between entrepreneurs.

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However, it does not matter which currency the parties are billing in If the rate is set in a foreign currency, the value of the transaction is calculated based on the current exchange rate of the National Bank.

Who is subject to the cash payment limit? Limit applies:

  • Sole Proprietorship Income in CEIDG
  • Commercial companies and other entities registered in the Entrepreneurs Register of the National Courts Register, and in particular:
  • Institutions, chambers of commerce or other entities that are also registered in the Entrepreneurs Register in the Register of National Courts
  • Foreign entrepreneurs running a company in Poland through a branch (registered in the National Court Registry)
  • Civil Partnership Partners
  • A foreign branch of a Polish entrepreneur – according to the regulations, the branch is not a separate entrepreneur (regardless of the country in which the Polish entrepreneur registers his branch, it retains the status of a Polish entrepreneur)
  • A Polish entrepreneur (temporary provision of cross-border services) conducts transactions outside Poland with a foreign entrepreneur (cross-border activity is not a separate enterprise, this does not change the fact that the entrepreneur working abroad is subject to Polish law).

from no limit cash transactions? The limit does not apply to:

  • Entities other than entrepreneurs
  • Entrepreneurs with this status on the basis of registration in another country (foreign entrepreneur), if they do not conduct business in the territory of the Republic of Poland
  • Only entities registered in the registry of associations, other social and professional organizations, foundations and independent public health care institutions
  • Representative offices of foreign entrepreneurs (these entities are not Polish entrepreneurs within the meaning of Polish law)
  • farmers at a constant rate
  • Natural persons who purchase items for private ownership prior to business registration, which will then be included in the fixed asset records of their business activities (such a person does not meet the definition of an entrepreneur)
  • bailiffs (not businessmen)
  • Entrepreneurs registered outside Poland, providing services on the territory of the Republic of Poland (as part of the provision of services temporarily across borders).
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Limit of cash transactions for natural persons

The cash transaction limit does not apply to entrepreneurs only. very Natural persons are subject to restrictions It is possible to pay in cash. Consumers can make a cash payment of up to PLN 20,000. zloty. The limit has been in place since 2022, and all payments over this amount must be made in non-cash form.

Limits of monetary transactions between the entrepreneur and the consumer

It is the consumer who can decide in what form the entrepreneur will pay for a particular product or service. This can be done with cash or non-cash, and from January 1, 2022, entrepreneurs are required to record sales using a cash register, They should enable consumers to pay without using cash. However, if the consumer wants to make a payment in cash, then from January 2023 he will be able to do so up to the value of the transaction not exceeding PLN 20,000. zloty.

from that date Consumer in the case of transactions in excess of 20 thousand. PLN will be required to pay in cashless form Regardless of the contractual arrangements between him and the project owner. Entrepreneurs should be careful not to accept cash payments of more than 20,000 PLN from the client. PLN, because they will pay a penalty, any additional penalty tax Upon payment accepted in the form of cash.

Why is there a limit on cash transactions?

The changes introduced are aimed at reducing high amounts of cash payments and, accordingly, tightening taxes. Entrepreneurs who, after 2023, issue a cash bill of more than 8000 PLN, will lose the option to include this amount in the tax credit costs. Lower cash payment limits this is One idea of ​​the government’s cash flow stamp package. From 2022, entrepreneurs are also required to accept at least one form of non-cash payment (if their annual income exceeds 2022 PLN).

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