ECB: The MF should bear in mind the obligation to consult the European Central Bank

2022-01-03 16:42

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2022-01-03 16:42

ECB: The MF should bear in mind the obligation to consult the European Central Bank
ECB: The MF should bear in mind the obligation to consult the European Central Bank
/ FORUM

The Ministry of Finance should remember in the future about the obligation to consult the European Central Bank on draft legal regulations in the areas falling within its competence, wrote ECB board member Frank Elderson in a letter to the Minister of Finance Tadeusz Kościński.

The ECB sent a letter to the Ministry of Finance in connection with the entry into force on 1 January 2022 of the Act amending the Act on personal income tax, the Act on corporate income tax and certain other acts, which introduces, inter alia, specific restrictions on cash payments.

“Pursuant to Article 127 (4) and Article 282 (5) of the Treaty on the Functioning of the European Union and Article 2 (1) of Council Decision 98/415 / EC, the authorities of the Member States consult the ECB on draft legislation in the areas falling within its scope. competences, including in the field of means of payment. .

Under the new act, the consumer is required to make payments via the payment account if the one-off transaction value exceeds PLN 20,000 or its equivalent.

In addition, from January 1, making or accepting payments related to business activity takes place via the payment account in each case when the one-off value of the transaction exceeds PLN 8,000 compared to PLN 15,000 so far.

In the ECB’s view, the explanatory memorandum to the draft law does not explain or justify such limitations on cash payments.

“It cannot therefore be said with certainty that the restrictions on cash payments introduced by the provisions of the Act were adopted in the public interest, which is a condition for the legality of such restrictions. Moreover, the ECB has consistently emphasized in previous opinions that the restrictions on cash payments should be proportionate to their objectives and they should not go beyond what is necessary to achieve these objectives and that the negative effects of such restrictions should be carefully weighed against the expected benefits to the public interest, “the ECB letter wrote.

“The analysis of the appropriateness of such restrictions should always take into account their possible negative consequences. The analysis of the negative effects of the restrictions introduced and the expected benefits for the public interest may therefore require a regulatory impact assessment” – added.

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Source:PAP Biznes
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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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