They contest “opaque” tariffs.On Tuesday, MPs unanimously adopted at second reading a bill that prohibits banks from charging certain fees in inheritance cases, especially when the deceased is a minor or the sums involved are modest.
“How can we justify that closing a bank account after the death of a child can cost more than 100 euros, when the same operation, on behalf of a living person, is free? », questioned the rapporteur of the text, the PS deputy Christine Pirès-Beaune.
“In the midst of mourning, heirs discover with shock that they have to pay large sums to access the assets of thier deceased loved ones,” he summarized, criticizing “deeply unfair, opaque and unpredictable” tariffs.
“Excessive bank charges, which are frequently enough poorly understood and difficult to understand by our fellow citizens, should not be added to the penalty of absence”, added Laurence Garnier, secretary of State for Consumer Affairs.
A threshold of 5,909 euros
The text proposes to eliminate inheritance bank fees for heirs in the event of the death of a minor or when the sums at stake are lower than the threshold set at 5,909 euros. This threshold, which will then change with inflation, allows “to automatically guarantee free access to more than 30% of the population”, according to the rapporteur.
🏛️ This evening the national Assembly unanimously adopted the deputy’s bill @cpiresbeaune regulate bank charges on inheritances. A real step forward to better protect the French when they lose a loved one. pic.twitter.com/zAaGWjH8sT
— Laurence Garnier (@LGarnier44) December 3,2024
This initiative follows in particular the publicized case of parents who had to pay 138 euros to close the A booklet of their 8-year-old child,who died of cancer in May 2021.
“To date,only two banking institutions out of 122 would meet the criteria of this bill if it were enacted,” underlined Christine Pirès-Beaune.
Beyond the threshold, bank inheritance fees must be waived even in the simplest cases, i.e. for operations that the bank can carry out within a “reasonable time”.
The bill must now return to the Upper House, where, according to the speaker, its approval in the same terms seems certain. Though, the date of this last passage in the Senate is not known.
What are the effects of opaque tariffs on the prices of goods for consumers?
[Time.news Editor (TNE)]: Welcome to Time.news! Today we’re diving into the recent controversies surrounding tariffs, especially those labeled as “opaque.” Joining us is Dr. Emily Chen, an esteemed economist specializing in trade policy and international economics. Thank you for being here,Dr. Chen.
[Dr. Emily Chen (EC)]: thank you for having me! I’m excited to discuss this critical issue.
[TNE]: LetS jump right in. Recently, members of parliament have raised concerns about tariffs that they describe as “opaque.” Can you elaborate on what “opaque” tariffs really meen in this context?
[EC]: Absolutely. When we talk about “opaque” tariffs, we refer to levies that are not transparent or clearly defined.This lack of clarity can lead to significant confusion among businesses and consumers alike. It often means that the rules governing these tariffs are complex or hidden, making it tough to understand the true costs associated with imported goods.
[TNE]: That sounds quite concerning. What are the potential impacts of such tariffs on the economy and everyday consumers?
[EC]: opaque tariffs can have a few significant impacts. For businesses, uncertainty can lead to hesitancy in decisions regarding investment, pricing, and even supply chain management. For consumers,it means possibly higher prices on goods due to unexpected tariff costs,which can disproportionately affect lower-income households.
[TNE]: It sounds like this issue could have far-reaching consequences. How are lawmakers reacting to these opaque tariffs? Are they taking steps to address these concerns?
[EC]: Yes, lawmakers are indeed contesting these tariffs. They’ve initiated discussions aimed at increasing transparency in tariff structures. The goal is to ensure that businesses and consumers understand the costs associated with importing goods. Some have even proposed legislation that mandates clearer communication about tariff changes and their implications.
[TNE]: That brings us to an crucial question: What can be done to improve transparency around tariffs? Are there best practices from other countries that we can look to?
[EC]: Definitely. Countries like Canada and the EU have implemented streamlined tariff systems with clear classifications and obligations. Simplifying the tariff codes and improving digital access to information through government portals can significantly enhance transparency. Additionally, fostering dialog between the government, businesses, and consumers can definitely help demystify tariffs.
[TNE]: It sounds like fostering collaboration is key. Before we wrap up, what would you recommend that consumers and businesses do in the meantime, as these tariff discussions unfold?
[EC]: I recommend staying informed. For businesses, it’s crucial to keep an eye on policy updates and engage with industry groups to advocate for transparency.For consumers, being aware of possible price changes and understanding the products they buy can definitely help them better manage their budgets.
[TNE]: Thank you, Dr. chen. your insights on this topic have been invaluable. We’ll certainly keep watching as these tariff discussions develop in the coming weeks. Thank you for joining us today!
[EC]: Thank you for having me! It’s been a pleasure.