All the cash errors that trigger the wrath of the tax authorities


Payments in cash and cash withdrawals from cash machine will be used by the taxman to spy on us. The reduction of the cash cap that will start from next July was not enough, now also the “Colao plan” (with the introduction of the tax on ATM withdrawals) focuses on those tools that the Revenue Agency will use to take a nice x-ray (even if not required). In short, the state is ready to get our hands in our pockets and look closely, very closely, as we will behave stinged and harassed like never before. But let’s go in order.

The cash roof

One of the measures that will soon come into effect is the reduction of the cash cap. The threshold, from the first July, is reduced to 2 thousand euros. Traps and sanctions are born around the corner. For many, in this way the government risks caging an economy already in crisis. Everything is done in the name of transparency, but the problems arising from this reform are many.

The measure, aimed at promoting the use of electronic payment, seeks to counteract theevasion tax allowing the tracking of the expenses of the Italians. This first tightening will start from July 1st, while from January 2022 the limit will drop further to a thousand euro quota. The goal is to encourage the traceability of payments. A real attack by the state against the sly people. A government action that displeases many categories of workers at the same time. This will lead to a progressive reduction, year after year, of the circulating money. Any transfer of money in excess of 2 thousand and then one thousand euros must take place via traceable channels, that is cash machine or debit cards, bank and cashier’s checks, wire transfer.

For all the taxman in the case of anti-evasion control, he could ask for an account where the money paid into the bank comes from. Another profile to pay attention to is the new objective communication always in a contextmoney laundering. Banks, post offices and other financial intermediaries are called to communicate to the FIU (the Financial Intelligence Unit) of Bankitalia who moves cash from 12,500 euros upwards per month (also through movements divided by over a thousand euros). This is not a suspicious transaction report (it will not be sent directly to the Revenue), but will in any case serve to turn on a beacon on any anomalies, especially if repeated. There is indeed a limit to the withdrawal. In this case, it is forbidden to transfer sums of money without a qualified intermediary, such as the lender. This step is also required by the anti-money laundering legislation. So the advice is to avoid withdrawing amounts equal to or greater than this limit.

The sanctions, for those who make mistakes, they are salty. They range from € 2,000 to € 50,000 for the contracting parties and from € 3,000 to € 15,000 for professionals who do not report. This is for operations up to 250 thousand euros: in addition, the contractors risk a penalty of 15 thousand to 250 thousand euros.

The Colao plan

The expert task force, led by Vittorio Colao, called by the Giallorossi to lay the foundations for the reconstruction, it tightens restrictions even more. A tax is expected if introduced cash machine to discourage the withdrawal and use of cash. Then there is the hypothesis of a tax advance on withdrawals and the reduction of limits for cash payments.

The committee of experts delivered to the Prime Minister, Giuseppe Conte, a document containing strategies and suggestions on how to restart the Italian economy after the lockdown. But the choices are somewhat questionable. The fight against the use of cash in favor of a switch to electronic payments is one of pillars. The goal is to bring out the hidden capital of the tax authorities. To do this, experts ask to apply a amnesty on cash in safes and black fruit.

The task force also proposes the banning of banknotes in excess of 100 euros. And, always with a view to extirpating the cash from our habits, enhancing electronic payments by recognizing tax deductions for all those expenses made by credit cards and Pos. As for the emergence, the payment of a substitute tax is assumed between 10 or 15% to bring out the undeclared.

On the electronic payments front, the idea is to introduce measures to incentivize e-payment with deductions and deductions from IRPEF on payments made with instruments other than cash. At the same time, the aim is to establish tax credits for merchants so that they get used to using the same electronic payments. Sanctions, however, for businesses without a Pos. This is a real declaration of war on the movement of cash. But that will have serious repercussions on our habits and our pockets.

Big brother spies on us, as he would say George Orwell. It has become increasingly risky to carry out actions on one’s current account without being noticed by the Revenue. And the withdrawal of banknotes is more than ever under the lens oftaxman. The changes have been introduced by the government with a view to making movements more traceable and therefore combating tax evasion. But the resulting risks could be very high. For everyone. The government puts a nose in all checking accounts, movements and payments. Are we in a fiscal police state? This is an issue that our legislators should reflect on.

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