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The Ministry of Economy has threatened business with new currency fines at the rate of up to 50% of the transaction amount

At a meeting on May 26, The Cabinet plans to consider a draft resolution on the imposition of fines for legal entities for violating the requirements of currency legislation.

The document provides for the imposition of fines at the rate of 25% of the transaction amount carried out in breach of the currency legislation. If within a year the company breaks the law again, the amount of the fine will increase to 50%. The draft resolution was initiated by the Ministry of Economy.

The tax authorities may impose penalties on legal entities for violating the currency legislation within six months from the date the violation was identified, but no later than three years from the date of the violation.

All funds raised as a result of fines will be redirected to the state budget.

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