New Regulation Requires Retail Traders to Install POS Terminals
Starting from January 1, 2024, a new regulation of the Cabinet of Ministers has come into force, requiring retail traders to install POS terminals for cashless payments, according to RBC-Ukraine, referring to the government resolution of July 29, 2022, No. 894. Now POS terminals are mandatory for traders in settlements with a population of 5 to 25 thousand people.
This measure is aimed at ensuring cashless payment for goods sold and services provided, including remote sales. Violations of the requirements may result in administrative fines ranging from 1700 to 3400 hryvnias for individual entrepreneurs or officials of enterprises, and in case of repeat violations within a year — from 8500 to 17000 hryvnias.
