This is how we turn with cents! Cash purchases should be ROUNDED

The inter-ministerial comment procedure on the bill should end on 5 February.

The value of cash purchases should be rounded to significantly limit the circulation of one- and two-cent coins. The Ministry of Finance (MoF) of the Slovak Republic wants to introduce this possibility by amending the Act on Prices, which it submitted to the inter-ministerial comment procedure.

Advantage for both parties

The Ministry of Finance announced that one- and two-cent coins will remain legal tender. “The mathematical way of rounding is a neutral, fair way for both parties, the trader and the buyer. The monthly rounding cost is in the range of 0 – 2 cents. The final purchase price, if paid in cash, is rounded off. “ approached the MF.

The bill is drafted on the basis of the government’s program statement and the framework plan of the government’s legislative tasks. Slovakia thus follows some euro area countries that have opted for such a solution at the national level, with one and two percent coins remaining legal tender until they are abolished by the EU Council after consultation with the European Parliament and the European Central Bank (ECB) at the euro area level. .

Simplification of coin issuance

“This amendment will simplify the issuance of coins in cash payments, will reduce the costs of entrepreneurs for bank fees for depositing, respectively. processing of one- and two-cent coins, as well as a positive effect on the environment by reducing the use of packaging material and the number of shipments of these coins, “ claims the Ministry of Finance.

Rounding should only be the case for cash payments, as the aim of the proposed change is to restrict the circulation of cash-related coins. For payments up to 5 cents, rounding to 5 cents is proposed.

The Ministry of Finance proposes the effectiveness of the law from 1 January 2022. The inter-ministerial comment procedure on the draft law should end on 5 February.

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Source: TASR

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