Despite only three percent of Norwegian customers using cash, new legislation mandates that businesses must offer cash payment options for amounts up to 20,000 kroner (about 1,670 EUR) from October 1, 2024. The government has reinforced this right by committing to fine businesses that neglect to comply, underscoring cash's role in accessibility and emergency preparedness.
New cash payment rules in Norway
Public
Norway
Author: Ivana Picajkić
Category:
Fiscal subject related
Views:
185
Content accuracy validation date:
05.11.2024
Content accuracy validation time:
11:58h
According to a survey by Norway’s central bank, only three percent of customers in Norway used cash to pay for their shopping.
A recently enacted amendment to the Central Bank Act, backed by the government and Norges Bank, clarifies that consumers have the right to pay with cash for amounts up to 20,000 kroner (approximately 1670 EUR). The legislation states: "In sales premises where a business regularly sells goods or services to consumers, the consumer shall be offered the option to pay with legal tender if it is possible to pay for the goods or services with other payment solutions. If the business has available change, it must also offer to provide change in connection with the payment, unless there is a clear discrepancy between the banknote offered as payment and the amount to be paid.“ The rules must be applied from October 1st, 2024.
The government has committed to imposing fines on businesses that intentionally or carelessly disregard these regulations.
Minister of Justice and Public Security remarked that in a digital world, it can be easy to overlook that many people are not digital users, and that cash is also crucial for societal emergency preparedness.
Other news from Norway
Norway Extends VAT Exemption for Electric Cars Until 2026
Norway
Author: Ivana Picajkić
Norway plans to extend its VAT exemption for electric cars priced up to NOK 500,000 until 2026, aiming to boost sustainable transportation. Let's find out more on this! Read more
New document was uploaded: Recorded webinar: E-invoicing for Global Retailers
Public
All countries
Author: Kristina Dosen
If you are struggling with complex e-invoicing implementations across multiple countries, and if you are concerned about mounting costs, potential delays, or compliance risks, our webinar will help you to learn how global retailers can streamline e-invoicing efficiently! With countries worldwide mandating e-invoicing, international retailers face unique challenges adapting to new regulations acros... Read more
Norway's payment system incorporates responsible innovation.
Public
Norway
Author: Ivana Picajkić
Norway
Author: Ivana Picajkić
Norges Bank emphasized the importance of responsible innovation in Norway's payment system, balancing efficiency, security, and inclusivity to maintain trust in monetary systems. Key initiatives include exploring instant payments through the Eurosystem’s TIPS service, researching Central Bank Digital Currency (CBDC), and adopting the ISO 20022 messaging standard for improved financial infrastructu... Read more
Norway court's VAT registration decision for foreign online fashion company is now final
Norway
Author: Ivana Picajkić
A Norwegian Court of Appeals ruled that a nonresident online fashion retailer qualifies for simplified VAT registration under the VOEC scheme for B2C sales of small consignments, with the Supreme Court declining to hear an appeal, making the decision final. Read more
Norway Introduces New SAF-T Financial Version 1.3
Public
Norway
Author: Stefan Ditrih
Norway
Author: Stefan Ditrih
The Norwegian Tax Administration will require businesses to use SAF-T Financial Version 1.3 for submitting accounting data starting January 1, 2025, with significant updates including revised balance account structures, VAT details, and mandatory fields. This version is not backward compatible, so businesses must be prepared by the start of their first accounting period in 2025. The changes aim to... Read more
Can two companies use the same POS in Norway?
Norway
Author: Stefan Ditrih
Businesses subject to fiscalization obligations can indeed share a common POS system, provided it allows for separate registration of transactions for each entity and keeps payment methods distinct. Read more