2023-06-21 13:24:08
The Treasury has reduced the limit to carry out from the current 2,500 euros to 1,000 euros cash payments. In addition to Spain, there are other countries in the European Union (EU) that impose limits for cash payment. A Francethe threshold of 3,000 euros was reduced to 1,000, while in Italy rose from 1,000 to 3,000 euros. Germany, where there is no limitation for now, they are studying to set it at 5,000 euros. The European Commission has started the steps to see the possibility of establishing restrictions at Community level.
Inland Revenue warns: It will go to great lengths to collect this even if you don’t want it
Law 11/2021 on measures to prevent and fight tax fraud establishes a maximum of 1,000 euros to pay in cash. In the case of having to pay a higher amount, a bank transfer will be used.
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In the case of transfers, it is also necessary to bear in mind Law 7/2012 of the tax regulations, which sets at 10,000 euros the limit for transfer money without having to declare it. This maximum also applies to other operations, such as withdrawing money from ATMs.
In the case of transfers, it is also necessary to bear in mind Law 7/2012 of the tax regulations, which sets at 10,000 euros the limit for transfer money without having to declare it. This maximum also applies to other operations, such as withdrawing money from ATMs.
It should be added that this cash limit it will not apply if it is a question of foreign individuals arriving in Spain. In these cases, the limit will be 10,000 euros.
Fines of up to 2,500 euros for breaching the rule
Professionals who equal or exceed the 1,000 euros marked as the established cash payment limit will have to pay a fine to the Treasury. The MORE it will be both for the one who receives the money and for the one who sends it and will correspond to 25% of the amount paid in cashwhich is equivalent to penalties of between 250 and 2,500 euros.
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