Regulations on cash transactions brought up to date

Directive No. 131 issued by the National Bank of Ukraine  (further the “NBU”) on November 07, 2019 has amended the Directive on cash transactions. 

The obligation to submit documents as requested by the bank to confirm the purpose of payment in case of cash withdrawal from current accounts has been added in Item 6 of Directive on cash transactions in national currency in Ukraine approved by NBU Directive No. 148 dated December 29, 2017 (further “Directive No. 148”).

A new rule has also been introduced to regulate how separate subdivisions should record cash in accounting. According to this new rule, institutions/enterprises are entitled to determine where and how separate subdivisions store daily fiscal reporting checks (daily Z-reports) in electronic form.

According to amended item 12 of Directive No. 148, enterprises must before December 12, 2019:

1. Approve by issuing an internal document the place and method of storage of electronic daily fiscal reporting checks (daily Z-reports) by separate subdivisions;
2. Choose a storage format which should allow tax authorities to view daily Z-reports. No format options for such storage have been specified in Directive No. 131;
3. Designate a person responsible for storage of these checks.

Amendments were also made to Item 23 Section III of Directive No. 148 to provide for new rules for signing electronic cash documents and their entry into force from November 12, 2019:

• Employees of companies must use a qualified electronic signature to sign electronic cash documents;
• Individual entrepreneurs are entitled to use a qualified electronic signature/advanced electronic signature to sign electronic cash documents;
• Individuals are entitled to use a qualified electronic signature/advanced electronic signature/basic electronic signature to sign electronic cash documents.

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