2024-01-23 15:10:57
Bizum is one of the most used instant payment applications in Spain. The system that emerged as a competitor to Pay-Pal in 2016 thanks to the collaboration of many banking entities, is used by more than 10 million people and it is fashionable among young people to do the math when they go out to dinner.
This system moves millions of euros annually, which is why the Treasury has had to intervene to verify that no crime is committed when money transfers are made. Like any money movement, need to have control by the Treasury, which will determine if what you have done is legal. If the established standards are not met, you may be sanctioned and you will have to pay a fine.
These are the only cities in Spain where you can pay bizum fines
Who hasn’t ever said: “Shall I make you a bizum?”
You have to know that the minimum amount to be able to do it is 50 centsand the maximum is €1,000, up to a limit of €5,000 per month. This is where the problems come, because according to the General Tax Law, banks are “obliged to provide the Tax Administration with all kinds of data, reports, background information and supporting documents with tax significance.” related to the fulfillment of their own tax obligations or deduced from their economic, professional or financial relationships with other people”.
In this application it is very difficult for this to happen, but if a person makes transfers of more than €10,000 through their different accounts, they must justify them in their income tax return.
If they do not follow the procedures of the SI model, those involved face a fine ranging from €600 to 50% of the amount sent. In the event that the crime is major and the origin of that money is not known, the penalties range from €60,000 in the most minor crimes and would rise to €150,000 in the most serious ones.
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