The president has signed a bill to remove restrictions on cash

President Andrzej Duda has signed a law repealing restrictions on the use of cash at certain limits.

The New Deal includes provisions that assume that limits for cash payments will be introduced from January 1, 2024. This includes PLN 8 thousand as part of one transaction between entrepreneurs and PLN 20,000. PLN for transactions between consumer and entrepreneur. Meanwhile, the bill signed by the president repeals restrictions on the use of cash for these transactions.

Good news for small businesses

The explanatory memorandum to the draft law indicates that the entry into force of the above regulations may lead to complications in certain types of transactions, in particular by micro and small entrepreneurs, including craftsmen and sole proprietors, and it is therefore necessary to lift the restrictions in this area. It was indicated that in the absence of the possibility to pay in cash, parties must use other means of payment and waiting for a bank transfer can in many cases lead to the termination of the transaction. This can lead to difficulties and significantly reduce small trade. In view of the above, art. 22 point 1 above. the law of 29 October 2021 amending the Personal Income Tax Act, the Corporate Income Tax Act and some other laws. The law will enter into force on January 1, 2024.

Justice Minister Zbigniew Ziobro is pleased with the president’s decision. It was his formation, Sovereign Poland, that took the initiative in this matter. “Cash is freedom, independence and privacy. It is the security of property. We will always defend cash. The President’s signature on our law to lift restrictions on cash payments is a defense of Poland’s freedom” – wrote the head of the MS.

Source: Do Rzeczy

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