- Regulatory Changes: Starting January 1, 2025, the Federal Government’s new regulation will increase the reporting threshold for cross-border payments under the Foreign Trade and Payments Ordinance (AWV) from EUR 12,500 to EUR 50,000. Additionally, certain reporting obligations will be eliminated, benefiting private individuals and small to medium-sized businesses engaged in cross-border transactions.
- Ongoing Reporting Requirements: Despite the increased thresholds, violations of reporting obligations can still incur fines of up to EUR 30,000. Payments above EUR 50,000 must still be reported monthly to the Deutsche Bundesbank, and claims against foreigners exceeding EUR 6,000,000 will also need reporting.
- Disclosure Measures: Individuals and businesses that have failed to report in the past may avoid prosecution for administrative offenses by making a voluntary disclosure if the failure was negligent and discovered through internal controls. It is recommended to implement proper organizational instructions to prevent future violations.
Source KMLZ
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