You're reading: Cabinet proposes fee for currency purchases be raised to 2 percent

The Cabinet of Ministers has proposed to increase the fee to the Pension Fund from the purchase of cash and non-cash foreign currency from 0.5 percent to 2 percent.

The appropriate amendments to the law on the fee on mandatory state pension provisions are stipulated in government bill No. 5079, which was registered in parliament on Sept. 15.

‘It is proposed to extend the military fee until January 1, 2016 and to increase to 2 percent the fee of obligatory state pension insurance from operations of foreign currency purchases,’ reads an explanatory note to the bill, the text of which is available on the Web site of the parliament.

In addition, the draft law proposes amendments to the Civil Code, restricting cash payments to the level of 15 minimum wages.

‘[This bill is] to set the limits of payments between individuals and businesses (entrepreneurs) during one day at the amount of 15 minimum wages,’ reads the document.

As reported, the NBU from Sept. 1, 2013 restricted cash transactions to 150,000 Hr.

According to the national budget for 2014, the minimum wage is set at 1,218 Hr per month.