New Card Requirement for Payments Over 7,000 Liras: Breaking News
New Measures Introduced to Prevent Unregistered Transactions in the Economy
In an effort to crack down on unregistered transactions in the economy, new measures are being introduced that will have a significant impact on consumers. According to a recent circular from the Revenue Administration, payments exceeding 7,000 TL for the purchase of goods or services will now be required to be made through banks, credit cards, or intermediary financial institutions.
Economist Muhammet Bayram commented on the new regulations, stating, “Previously, there was a requirement for payments above a certain limit to be made via bank postal checks. This limit has now been raised to 7,000 TL, meaning payments below this amount can still be made in cash, while payments exceeding 7,000 TL must be made via bank postal checks. Failure to comply with this requirement previously carried a 10% penalty.”
Furthermore, a new penalty system is being implemented with a maximum limit of 20 million TL for non-compliance, where payments will need to be made through banks or checks for proper recording, and invoices must be issued. Additionally, all rental payments for both residential and commercial properties must now be made through banks, preventing landlords from forcing tenants to pay in cash.
The regulations also address fines for those who pay rent in cash, with penalties calculated at 10% of the rent amount for each month payment is made in cash. Fines will be increased annually at the revaluation rate, with a maximum penalty of 20 million TL for the year. However, individuals who voluntarily report cash payments to the administration within 5 business days will not be subject to the penalty.
These new measures aim to combat unregistered transactions in the economy, promoting greater transparency and accountability in financial transactions for the benefit of consumers and businesses alike.
