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Restriction of Payments in Cash

With effect as of 1 January 2013, a restriction of payments in cash has been introduced into the Slovak body of laws. Under the sanction of a high fine, payments in cash whose amount exceeds EUR 5 thousand are banned. A more moderate restriction, pursuant to which payments in cash exceeding EUR 15 thousand are banned, applies to cash payments between non-trading natural persons.

Violation of the ban exposes legal persons and natural persons - entrepreneurs to a risk of being fined up to EUR 150 thousand, or up to EUR 10 thousand in case of non-trading natural persons.

A payment in cash means a handing over in cash of notes or coins in euro or notes or coins in another currency by a payer and reception thereof by a recipient.