The Government has approved the deadline for cashless payment of goods and services to be ensured by businesses

18/ 08/ 2022

On August 17, CMU Resolution No. 894 dated July 29, 2022 On establishing deadlines by which retailers must ensure the possibility of cashless payments (including using electronic means of payment, payment applications or payment devices) for the goods/services sold by them came into force. Thus, already from January 1, 2023, those retailers who do not start accepting cards for payment in settlements with a population of more than 25 thousand people may be held administratively liable. From January 1, 2024, in settlements with a population of 5 or more up to 25 thousand people, and from January 1, 2025, in settlements with a population of fewer than 5 thousand people. Separate terms are introduced to retailers that are FOPs paying the single tax under the first group, vending machines, street trade, and sales of self-grown products. The latter is obliged to start accepting payment for goods from January 1, 2026. The European Business Association welcomes this decision. Thus, since 2019, the Electronic Payments Committee of the Association emphasized the need to review the requirements for business entities to ensure the possibility of paying for goods and services by electronic means of payment. Moreover, simulating the development of payment infrastructure for cashless transactions is provided for by the Law of Ukraine On Payment Services, the Strategy for the Development of the Financial Sector of Ukraine until 2025, and is extremely relevant during the martial law in the entire territory of Ukraine. Therefore, we sincerely thank the Ministry of Economy of Ukraine for taking into account the EBA proposals during the preparation of the draft Resolution of the CMU.

On August 17, CMU Resolution No. 894 dated July 29, 2022 “On establishing deadlines by which retailers must ensure the possibility of cashless payments (including using electronic means of payment, payment applications or payment devices) for the goods/services sold by them came into force.

Thus, already from January 1, 2023, those retailers who do not start accepting cards for payment in settlements with a population of more than 25 thousand people may be held administratively liable. From January 1, 2024, in settlements with a population of 5 or more up to 25 thousand people, and from January 1, 2025, in settlements with a population of fewer than 5 thousand people. Separate terms are introduced to retailers that are FOPs paying the single tax under the first group, vending machines, street trade, and sales of self-grown products. The latter is obliged to start accepting payment for goods from January 1, 2026.

The European Business Association welcomes this decision. Thus, since 2019, the Electronic Payments Committee of the Association emphasized the need to review the requirements for business entities to ensure the possibility of paying for goods and services by electronic means of payment. Moreover, simulating the development of payment infrastructure for cashless transactions is provided for by the Law of Ukraine “On Payment Services”, the Strategy for the Development of the Financial Sector of Ukraine until 2025, and is extremely relevant during the martial law in the entire territory of Ukraine. Therefore, we sincerely thank the Ministry of Economy of Ukraine for taking into account the EBA proposals during the preparation of the draft Resolution of the CMU.