Those who do business in Norway, should be required to accept electronic money. It believes tax director Hans Kristian Holte.
– We see that cash trade is part of the underground economy in Norway. I do not think the arrangements we have today, to demand cash payment but not do it for payment, makes sense, he said.
In Bank Act states that only cash legal tender in Norway. Do you think the law should be changed?
– I think out of the mandate we have, and in the interests of combating the black economy, it would be sensible to consider either requiring electronic payment, says Holte.
new technology and new solutions enable simple payment terminals can now be obtained without charge and without subscription fees for businesses and organizations. Payment is made by plugging into a single reader to a smartphone or tablet, and then pays the store a small percentage of the turnover of an intermediary.
About payment in Norway
- Only cash is known as legal tender in Norway. It follows from the Central Bank Act, paragraph 14, which states that anyone who does business must take the king’s coins and notes as legal tender.
- There are no similar obligation to the credit card.
- financial Contracts Act section 38 says that consumers always have the right to pay by cash. But the regulations are undermined by interpretation statements from the Ministry of Justice. An increasing number of reservations against to receive cash, with solvent liquidations justifications .. Examples are restaurants, cafeterias and restaurants.
- In a nationwide study Norstat did NHO tourism in 2015 said 84 percent they only paid by card or most of cards everyday.
- in comparison, 4 percent said they paid only or mostly with cash, and 12 percent the proportion was about working out just great.
- in the country’s largest bank , DNB, only 6 percent of customers who use cash daily, lighted bank recently told VG.
- According to Norges Bank has circulation of cash in Norway remained stable at about 50 billion in recent years. But because the overall use of money increases, falling share using cash.
– cash enables black economy
he says he understands businesses are wary of cash trade, and believes businesses who want it must be allowed to refuse to accept money if they do not want.
– cash Trading enables the underground economy in a different way than using credit cards. There are bigger challenges in cash trading, it is harder to track. The current system, which places greater demands on cash trade than the possibility of digital solutions can be unfortunate, says Holte.
– I go even just around with short, and never use cash. But it is not so that all those who use cash is skatteunndragere, says finance minister. She will now review the rules.
Finance Siv Jensen told NRK that tax director raises an important question that she takes seriously.
will look at law
Now she will review the rules but says it is too early to say whether the result ends up in a proposal to amend the relevant laws.
– it is too early to say. I welcome the debate that tax director travel, and agrees that the increased availability of card terminals are positive, says Jensen.
– He also says that it should be possible for companies to refuse to accept cash. Is it a good idea?
– The percentage of the population that mostly use cash are the elderly. To accuse those for tax evasion and the black economy, I will not do. Here you have the time to be allowed to work with us. Then we need to go a little slower forward when it comes to cash, and faster when it comes to electronic payments, says finance minister.
She says that a digitized society also makes us more vulnerable, and that time is not built for banning cash.
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