Since 1 July 2020 it is no longer possible to buy, lend or donate cash money if the amount exceeds 1,999.99 euros.
Before the new provisions on the use of cash came into force, the threshold was € 2,999.99.
In 2022, unless extended, the limit will drop further to one thousand euros.
In short, from 3 thousand to one thousand euros in three years with the introduction of heavy penalties for violations.
So pay attention to the reduction of the cash payments threshold.
Among the most frequent questions on the new rules on the prevention of financial crimes, we answer the reader who asks us if he can pay 10 thousand euros in cash without taking risks with the tax authorities.
Tax regulations, traceability of payments and money laundering are not always clear.
So let’s try to clarify a bit.
Can I pay 10,000 euros in cash without taking risks with the tax authorities?
Here we have explained how much money you can withdraw from your account without taking risks.
Today, however, we try to understand if you can pay 10 thousand euros in cash without taking risks with the tax authorities.
The Ministry of Economy and Finance made it clear that the ban on the transfer of cash money concerns cash flows between different entities.
When the flow of money does not take place between different subjects, as in the case of the payment of cash, the Tax Office rarely proceeds with checks.
In fact, there is no limit to the payment of cash to your bank account.
However, from 1 September 2019 the new anti-money laundering regulations require banks to report the so-called financial information units set up at Bankitalia. “Objective communications”.
Let’s see what it is.
Objective communications to the UIF
According to the new regulations, banks, Italian post offices, payment institutions and electronic money institutions must send objective communications to the Revenue Agency every month.
That is, information on movements of an amount equal to or greater than the limit of 10 thousand euros carried out during the calendar month even if carried out through multiple transactions.
Not only the information on withdrawals or payments that exceed the limit of one thousand euros per day.
Therefore, although these operations are not prohibited, they are carefully monitored by the tax authorities.
It will be necessary to worry only if the sums of money paid into the account are not of legitimate origin.
In order not to take risks, the experts of Proiezionidiborsa always recommend keeping the necessary documentation in order to prove the origin of the cash money paid into the bank.