Tax evasion in Italy is a scourge that the war on cash will not be able to eradicate on its own, but spreading a cashless culture certainly one of the tools necessary to achieve the goal. Entry into force on 1 July 2020, introduced by decree 124 of 2019, connected to the Budget Law (and therefore, previous and not influenced by the emergency linked to Covid-19), the novelty of the 2 thousand euro ceiling for payments in cash moves on this furrow.
The ceiling of the 3 thousand euros introduced in 2016 by the Renzi government has thus fallen by one third and this will continue until 1 January 2022, when the threshold will further decrease to settle “definitively” at one thousand euros. This means that from last Wednesday for amounts equal to or greater than 2 thousand euros, the use of wire transfers, digital tools, credit cards and debit cards is mandatory.
The basic concept is the traceability of money to combat tax evasion and combat money laundering: the penalties start at 3 thousand euros and go up to 50 thousand for a single operation and in proportion to the gravity of the infringement. This cap also covers donations and loans made between family members. However, there are no limits to withdrawals from your current accounts: payments and withdrawals do not in fact constitute a transfer between different subjects. No restrictions even for those who keep money at home, under the proverbial mattress.
A company: It is the worst time to introduce roofs
According to the analysis by Unimpresa, however, the restrictions on the circulation of banknotes will not lead to a check on “black” in the case of small purchases and tax revenues will not suffer particular advantages. Indeed, for a company there is the risk of a tightening on consumption. This is the worst time to introduce roofs, said the president of Unimpresa Giovanna Ferrara, according to whom it is necessary to encourage and stimulate household consumption.