Beware of paying in cash: this is what could happen

Gone are the times when paying in cash was common and frequent in every area: in a few years we have in fact witnessed a real fight against cash which risks radically changing our financial habits.

The habits that we will have to change

Did we also use cash for large payments? Here, from January 2022 this is no longer possible. The maximum limit for cash payments has in fact been lowered to 2000 euros, therefore this greatly limits the range of operations that cash can satisfy. We are facing the era of full-scale digital payments, now considered much safer due to the transparency and traceability they can guarantee.

We remind you that if a cash payment exceeding the maximum limit is perpetuated, the Revenue Agency is required to intervene by applying sanctions from a minimum of 1000 euros up to a maximum of 50,000 euros. The penalties, which affect both active parties to the transaction, are also imposed in proportion to the amount transferred and the advantage that the parties have received from carrying it out illegally.

In any case, the amount due in evaded taxes must always be paid to the State. Failure to report illegal operations by the bodies in charge leads to a minimum administrative fine of € 3,000 up to € 15,000.

The use of instruments such as bank transfers are therefore now essential for almost every financial activity of a certain importance, also because many tax bonuses issued and promoted by the Italian government are bound to this form of payment in an unavoidable manner.

Furthermore, in this way we try to better fight tax evasion and the phenomen0 of hidden cash, to try to give a hard blow to the mafia and criminal organizations that make cash one of their privileged weapons. In this way we will be increasingly forced to make electronic payments, also because from 1 January 2023 the limit will be lowered further until it reaches 1000 euroin order to give an even stronger grip on the phenomenon.

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