Doing business in Slovenia means that your Slovenian company will also issue and receive payments. Mostly, legal entities doing business in Europe receive and make payments by online transactions from corporate bank account. But sometimes they also do cash transactions. To be well informed about the possibilities and limitations for cash transactions through your Slovenian company, we have prepared an article on this topic.
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Data d.o.o. has been supporting entrepreneurs with company registration for over 28 years. Our 40 experts from several departments have also been offering accounting services as well as professional legal consultation to domestic and foreign clients. Especially our legal team has been educating the clients about the possibilities and limitations of cash transactions through Slovenian legal entities.
Cash transactions between companies
Cash transactions are usually payments in bank notes or coins that are considered a means of payment. The Law on Tax Procedure determines that all legal entities have to do payments for delivered goods and rendered services on corporate bank accounts.
You would not have to do transactions to bank account when:
- the payments are in smaller amounts,
- you can offer other kind of trackability of payment records.
Payment in smaller amounts means receiving payments in amounts smaller than 420€. It means that if your company wants to make cash transactions for rendered services or delivered goods, it can do so in the amounts up to 420€. If your company would make a payment in cash for the value over 420€, it would be in violation. In this case, your company could receive a fine from 1.200€ to 15.000€.
Receiving payments through debit or credit cards does not fall under this violation. This is because other means of traceability of payments are ensured.
Cash transactions between a company and a natural person
The Law on preventing money laundering and financing terrorisms determines restrictions in cash transactions. Legal entities that do business in Slovenia, cannot receive payment in cash if it surpasses the worth of 5.000€. The same restriction is valid even in related transactions that surpass the accumulated worth of 5000€. In cases, when the payment surpasses 5000€, the company needs to receive the payment to bank account and not in cash.
In case your company would be in violation, you can receive a fine of 120.00€ to 120.000€. The Slovenian tax office and the Office for the Prevention of Money Laundering do inspections of payments made and received by Slovenian legal entities.
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For more information on company registration in Slovenia, EU, send us an e-mail to email@example.com. You can also contact us over the phone 00386 1 6006 270 or 00386 40 530 718 (Viber, WhatsApp). You can also follow us on Facebook.