Cash transactions to be limited

An amendment by the Polish government to the Freedom of Economic Activity Act will stipulate that businesses will be able to undertake cash payments and exchanges to a maximum amount of only PLN 15,000, the government said in a report released on Tuesday. Lawmakers reasoned that the new limit should increase the transparency of transactions, combating tax evasion. Also, the statement claimed that lowering the current limit, which is EUR 15,000, “would contribute to the growth of fair competition between businesses and reduce the informal economy.”  Presently, 16 other EU Member States have limits imposed on cash transactions. The new regulation will go into effect in Poland on January 1, 2017.