Share

The Ukrainian government has introduced a new law to impose fines on entities for denying payments made through a credit card.

The Cabinet of Ministers of Ukraine has passed a resolution which mandates a fine of 500 non-taxable minimum incomes of citizens (NMDG), that is UAH8,500 for restriction or denial to a customer of a free choice of products and forms of payment.

Customers can approach the government’s consumer rights protection agency to seek protection of their rights, in cases of failure to accept a credit card.

Under the new law, the amount of fine charged will increase in case of repeated violations from 500 to 1000 NMDG (UAH8,500-UAH17,000), according to www.for-us.com.

The government expects to receive an additional UAH35bn-50bn of free money, which will pumped into the real economy and into social programmes.

Another bill for electronic payment acceptance in 2014 by all firms conducting business in towns with a population of more than 25,000, is likely to be approved by the Cabinet.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Besides, the Ukraine government is also planning to introduce card payments in all points of sale in Ukraine by 2018.