Businesses will face limits on cash balances due to obligations with money in the bank– Exchange agencies will not be allowed to have more than 17 thousand dollars in cash

Beginning in 2023, companies will no longer keep turnovers in the cash register and pour them into banks as they wish. In the draft fiscal package for next year, there are going to be clear limits on the amounts that companies can keep in cash.

The new obligation seems to affect mostly Foreign Exchange Agencies, which need significant amounts of money for daily operations. The draft of the Ministry of Finance determines that this business will not be able to keep more than 1.7 million ALL, or 17 thousand dollars in cash.

Meanwhile, entities with a daily turnover of up to 2 million ALL will not be allowed to keep more than 55 thousand ALL in the cash register. Also, businesses with a daily turnover of 2 to 10 million ALL will not be able to keep cash balances above the value of 250,000 ALL.

While, businesses with a turnover of over 10 million ALL will be allowed to keep up to 500,000 ALL in cash, or 2% of the annual turnover of the previous year. Meanwhile, it will be the Foreign Exchange Agencies that will find difficulties with this measure, due to the large amounts of cash they have to carry out in daily operations.

What is known so far about the consultations of the Ministry of Finance with stakeholders for the 2023 fiscal package, is the dissatisfaction of business associations regarding the very few fiscal facilities provided in the draft, but also the strong tightening of fines for fiscal evasion.

Lorenc Rabeta / SCAN

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