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Small change being phased out

10:06 26/09/2014

From 1 October, tradespeople and professionals will be able to round up receipts to the nearest 0 or 5 euro cent in order to facilitate the gradual phasing out of 1 and 2 euro cent coins.

“These coins are often only used once before they are hoarded,” said the federal public service FPS Economy in a press statement. “According to the European Commission, 1 and 2 euro cent coins cost respectively on average 160% and 150% of their nominal value in the Eurozone.”

No one is obliged to take part in the new system, but for those who decide to round up prices in future, there are four requirements that must be fulfilled:

-          payment must be fully or partly in cash

-          the total amount must be rounded up

-          the tradesperson must round up the total on every occasion

-          the tradesperson must use the required icon in a clearly visible manner

If a tradesperson choses to round up their receipts, they must apply the rounding up principle to “all customers who pay in cash”.

The principle does not apply to customers who are paying for drugs or who wish to pay by bankcard. If a customer pays a portion of the total amount by bank card, only the amount paid in cash may be rounded up.

This measure will not see the abolishment of 1 and 2 euro cent coins. “They will not go out of circulation and will retain their value. Consumers can still use them and they must accept them if a tradesperson gives them 1 or 2 eurocent coins in return,” said FPS Economy.

Department stores federation Comeos said it hoped that the new government will work on extending the new system to everyone.

The union of self-employed entrepreneurs, Unizo, reacted positively too. “Traders have long been calling for a rounding up system. Fewer euro cent coins mean fewer costs and less administration for them.” Unizo is currently advocating for the introduction of the rounding up principle to payments by bankcard as well, but said the proposed new system represented “an important first hurdle”.

 More information can be found on goedafgerond.belgium.be

Written by Deborah Forsyth

Comments

Anon2

Rounding down wasn't an option?

Sep 26, 2014 12:04
Peter Alan

I haven't really noticed this happening and I still have many 1 and 2 cent coins in my pocket, have most shops chosen not to apply it?

Oct 19, 2015 14:22
KarenBanks

I think it's really a good initiative by you people. This will help the payments to be fully or partly in cash. It also makes the total amount to be rounded up easily. I have read all the information regarding this initiative in http://www.bestassignmentservices.co.uk/ writing services. This will help the trades person as well as the customers to pay the amount easily.

Sep 5, 2018 11:56