One and two cent coins end. Stores will be mandatory to round – PRAVDA.sk

The final purchase price should be rounded off if paid in cash. If the entire purchase is paid for, for example, with a payment card, the resulting price paid is not rounded. This follows from the amendment to the law on prices, which was postponed by the plenary of the National Council to the second reading on Friday.

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09/24/2021 12:03 PM

The Ministry of Finance emphasized that one-cent and two-cent coins would remain legal tender. Beneficiaries of payments will continue to be obliged to accept these coins for cash payments, even after the introduction of compulsory rounding. “The rounding method used is a neutral, fair method for both parties, the trader and the buyer,” the ministry said. The monthly cost of rounding is in the range of 0 – 2 cents. For payments of up to 5 cents, it is proposed to round up to 5 eurocents.

The final purchase price should be rounded off if paid in cash. If the entire purchase is paid for, for example, with a payment card, the resulting price paid is not rounded. When combining payments, only the amount paid in cash should be rounded. Rounding should therefore only be the case for cash payments, as the aim of the proposed change is to restrict the circulation of cash-related coins.

“This amendment will reduce the costs of entrepreneurs for bank fees for inserting or processing one-cent and two-cent coins, will simplify the issuance of coins in cash payments and also have a positive effect on the environment by reducing the use of packaging and the number of shipments of these coins,” says the ministry. finance.

Slovakia thus follows some euro area countries that have opted for such a solution at the national level, with one-cent and two-cent 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.

The law proposes the effectiveness of the law from 1 January 2022. The proposed effectiveness provides for time for entrepreneurs to modify cash registers and other necessary software.

As stated by the former Minister of Finance Ladislav Kamenický (Smer-SD) in the debate in the parliament, he has no problem with the law, which will restrict the circulation of one-cent and two-cent coins, but it is necessary that this transformation is not abused. Because, according to Kamenický, traders themselves create the prices of goods and food prices increase even without it. And he said, traders are very happy to take every opportunity to increase their margins.

According to non-attached Member Miroslav Suj, some levers should be introduced to ensure that rounding is not abused by traders. “But the law as such needs to be approved,” Suja said. However, Marián Viskupič, chairman of the parliamentary committee for finance and budget for the SaS party, said that there was no reason for food prices to rise to round the smallest euro cents. According to him, traders increase prices when their costs increase. And the exchange of cents is also a cost for them, which will no longer be passed by the law. “Even with this step, we will reduce the pressure to increase the prices of goods,” said Viskupič.

In conclusion, Ladislav Kamenický reiterated that he has no problem with the law, but the state should start controlling unit food prices so that any increase in prices can be checked in the future. “What are the unit prices today and what will be after the adoption of the law,” Kamenický added. According to him, food prices are rising sharply for us. “We must stop these increases and a large part of this responsibility is in the hands of the chain and the state must control them,” Kamenický said.

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