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After the recent changes, how will banks monitor cash withdrawals of 50,000 manats?
After the recent changes, how will banks monitor cash withdrawals of 50,000 manats?
Another issue of interest to our colleagues is how credit institutions will determine the limit for tax payers withdrawing cash. Prior to the changes, tax payers were allowed to withdraw cash in amounts not exceeding 15,000 manats or 30,000 manats depending on their turnover. So, how will credit institutions determine the monthly cash withdrawal limit of up to 50,000 manats based on the previous month’s turnover starting from January 1, 2025?
First, it should be noted that the determination of the limit under Article 3.3 of the Law of the Republic of Azerbaijan on "Cashless Settlements" is not regulated by legislation for credit institutions. The limits under Article 3.3 should apply not to the withdrawal of cash from the taxpayer's bank account, but to their monthly cash transactions. In our opinion, credit institutions will allow tax payers with high turnover to withdraw up to 50,000 manats per month without requiring a determination of their turnover from the previous month. This is because it would not be reasonable for credit institutions to request the turnover from the previous month.
Another issue of interest to our colleagues is how credit institutions will determine the limit for tax payers withdrawing cash. Prior to the changes, tax payers were allowed to withdraw cash in amounts not exceeding 15,000 manats or 30,000 manats depending on their turnover. So, how will credit institutions determine the monthly cash withdrawal limit of up to 50,000 manats based on the previous month’s turnover starting from January 1, 2025?
First, it should be noted that the determination of the limit under Article 3.3 of the Law of the Republic of Azerbaijan on "Cashless Settlements" is not regulated by legislation for credit institutions. The limits under Article 3.3 should apply not to the withdrawal of cash from the taxpayer's bank account, but to their monthly cash transactions. In our opinion, credit institutions will allow tax payers with high turnover to withdraw up to 50,000 manats per month without requiring a determination of their turnover from the previous month. This is because it would not be reasonable for credit institutions to request the turnover from the previous month.