Australia will limit the cash settlement

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Photo: Tim Wimborne / Reuters

The Australian government has announced that in a short time cash payments in excess of 10 thousand Australian dollars (about 7,5 thousand US dollars) will be considered illegal, writes The Guardian.

This measure is part of the fight against organized crime, tax evasion and the illicit trade in tobacco products. In addition, it aims to “promote transition to a digital society.” So large purchases can be made through checks and credit cards.

In addition to the aforementioned prohibition, the government allocated tax office 319 million dollars to develop a new strategy to combat the shadow economy. Over the next four years, the authorities hope to obtain tax revenues in the amount of $ 3.6 billion.

Currently, about 37 percent of all commercial transactions in Australia are made using cash. For comparison, in USA the share is 32 percent in Sweden, 15 per cent.

Video, photo All from Russia.

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