New squeeze on cash: from January the limit drops to one thousand euros

New squeeze on cash: from January the limit drops to one thousand euros
New squeeze on cash: from January the limit drops to one thousand euros

Since the beginning of the year we have changed. For cash payments, the threshold above which it is forbidden to make transactions with banknotes drops from 2 thousand to one thousand euros. As Il Sole 24 Ore explains, it is the effect of the tax decree linked to the 2020 maneuver (that of the Conte-bis government), which from 1 July last year had already reduced the limit from 3 thousand to 2 thousand euros, then planning a another squeeze from 2022.

The one coming will be the ninth change in 20 years, the fifth in the last ten. A return to the rules of Mario Monti’s “Salva Italia” decree, in practice. But in a very different context, with digital payments on the rise, especially after the pandemic. The cash however, it still remains the preferred payment method for Italians and Italy ranks 25 out of 27 in the EU for the number of card transactions.

As several studies in recent years have shown, however, the constraints on their own cash they are not enough to counter tax evasion. And in fact, other concessions in the budget law are also starting.

The cashback wanted by Conte and cost 1.5 billion per semester, will not be renewed. The parliamentary amendments, already announced, will have to deal with the figures to renew it.

The receipt lottery will remain, but will need a correction. According to the latest figures from the Ministry of Economy, compared to 5.9 million codes issued to 4.7 million citizens, only 26.7% of the operators transmit lottery data. To increase its use, the ministry will consider introducing instant rewards.

The other step is to involve merchants to encourage alternative payments to cash. The government has already raised the tax credit on commissions paid for the use of Pos between July 2021 and June 2022 from 30 to 100%, and has also established two tax credits on the purchase, rental and use of the devices. One for the standard ones. And another for “smart” Pos, which will start in 2022.

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squeeze cash January limit drops thousand euros

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