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New threshold for cash payments (at most 3000 EUR)

Written by VGD | 23 February 2014

A new reduced threshold should be taken into account for traders or service providers who often accept cash payments. As of 1th January 2014 cash payments of more than 3000 EUR are forbidden. Cash payments are allowed in transactions if they do not surpass 10% of the purchase price, with a maximum of 3000 EUR. It is also forbidden to pay cash for real estate.

If after an inspection of the Economical service, it would appear that a trader or service provider has not complied with the aforementioned legislation, he would risk a fine between EUR 250 and EUR 225,000 with a maximum of 10% of the cash payment received illegitimately. The creditor and debtor will individually be liable for the fine.

To avoid a fine traders and service providers will be expected to notify the Belgian Financial Intelligence Processing Unit when any misuse is detected.