The Bill (Reg.No.1463) seeks to create the necessary conditions for improvements in the structure of money turnover in Ukraine, through promoting mass cashless payments using payment cards, thus reducing the number of cash settlements, and enhancing the transparency of financial settlements within the retail trade, etc.
Amendments to the Law, ‘On Payment Systems and Money Transfers within Ukraine´, envisage setting out the conditions by which commercial and service establishments receive cashless payment for goods and services with payment cards. The Bill proposes to enhance the transparency of settlements involving natural persons, and greater incentives for the population to use payment cards, through a wider use of the credit settlement system. Mechanisms should be introduced to secure the rights of citizens to use special means of payment, and to protect their interests, should any non-standard situation arise under any non-typical circumstances.
The Law ‘On Income Tax of Natural Persons´, is modified to provide a greater incentive for the population to use payment cards in cashless payments. Citizens are entitled to use a means of special payment for receipt of a Tax Credit when making spendings, as envisaged in the Law, thus bringing up the overall State level of cashless payments without any loss to Budget revenues. The Bill proposes to relieve Banks and their users from additional tax on transactions with credit cards.
Amendments to the Law, ‘On Income Tax of Businesses´, create the right of businesses to use Corporate special payment means to attribute in-house and representative payments to total costs, thus allowing to expand the State overall range of cashless payments and decrease the volume of cash in settlements by business entities.
To secure the right of citizens to the safe use of such cards for cashless payments, the procedures are clarified for the interaction between the card issuers and holders, in the event that cards are lost, stolen or used illegally.