How to use cash from January 1st: Watch out for fines. There is an exception

A few days later and from January 1, 2022, what we predicted in Giornale.it will start in Italy: it will no longer be possible to pay more than a thousand euros in Cash.

Penalties

This is a new one Measures Introduced by the Tax Decree linked to the 2020 Budget Law: while the maximum cash payments today are two thousand euros, it will be half next year. The choice the government has made is to stop and reduce tax evasion and money laundering. Therefore, the maximum amount that can be paid is 999.99 euros and is valid for both payments to companies and those intended for other people: in this case the compensation is between professionals and donations to children or relatives. as we read dome, if the amount is greater than 999.99 euros”Traceable means, such as bank or postal transfers, checks, credit or debit cards, prepaid cards, and ATMs must necessarily be used.“.

Also pay attention to your bank, which may ask the taxpayer to explain a transaction that exceeds the permissible limit: based on the response of the latter, the bank will decide whether to report the transaction to the Financial Intelligence Unit (UIF) of the Bank of Italy.

Penalties and special cases

However, in only one case does this rule apply: the new minimum of one thousand euros, in fact, “It will not be valid for immediate trading of foreign currency payment methodsIndeed, in this case, the cash ceiling remains the maximum set at three thousand euros. But what are the fines and penalties that will be imposed on those who break the law? The legislator has established two different “methods” of punishment. Those who exceed €1,000 in payments in the first case will report to the Revenue Agency with a (real) risk that they will end up under the eyes of the tax authorities for anti-money laundering controls.

But in the second case, there will be an administrative penalty (payment of fine) established on the basis of Decree-Law No. 90 of 2017, which was recently amended. The basic fine will be equal.Maximum cash payments”, then 2,000 euros until December 31, 2021 and a thousand euros from January 1, 2022, then increases on the basis of what the payment will be in cash. Fines for professionals hoping to be “cunning” are higher. They do not report offenses even when receiving an amount exceeding a thousand euros. (not only when it is submitted): ranges from a minimum of three thousand euros to a maximum of 15 thousand euros.