The tightening on cashback starts: what is the risk

The tightening on cashback starts: what is the risk
The tightening on cashback starts: what is the risk

Continue to discuss the cashback, the flagship measure of the 5 Star Movement which it believes is a fundamental tool to accelerate the transition of electronic payments and fight tax evasion. The first semester of the program will expire in June and therefore at the end of the month the Public Insurance Services Concessionaire (Consap) will provide the transfers to those entitled to it. But those who have not reached the threshold of operations necessary to redeem the cashback (at the moment corresponding to 27% of the total number of participants) will obviously remain dry. Probably it is also due to the anti-cunning controls launched by the Ministry of Economy: 107 million transactions for amounts of less than 5 euros have been recorded since January out of a total of 680 million transactions processed.

Cashback payments

The strategy pursued by the clever ones is clear: carry out small-value transactions and repeat them at a very short distance. In this way it is possible to scale the Ranking of the super cashback – for those who carry out more operations during the semester – which leads to the prize of 1,500 euros destined to 100 thousand participants. The final ranking of the first semester can be viewed on the IO app by 10 July. While, returning to classic cashback, the money will arrive on current accounts between July and August.

The move of the crafty ones

The need to accelerate for an anti-cunning squeeze was also dictated by what was reported by the gas station attendants: there are those who go to refueling plants and split a full tank of petrol into dozens of payments. The category of fuel systems in Italy was the most affected: estimates speak of 20-30 million illegal transactions carried out by cashback crafty in petrol stations. And Bruno Bearzi, president of Figisc-Confcommercio, a The messenger stressed that the modus operandi always remains the same: “Even today the crafty ones continue to take advantage of the self-service openings of the plants to split the payments when they fill up, with significant costs for the managers in terms of commissions and not only, equal to an average of 100 euros of extra expenses per plant“.

However, the program does not seem to be under discussion: in recent months the Senate rejected the motion of the Brothers of Italy which asked for the cashback to be stopped to allocate the sum allocated for this measure (equal to about 5 billion euros) in order to support the productive fabric of Italy. Even because Antonio Misiani of the Democratic Party insists on reducing the weight of the shadow economy by maximizing cashless payments: “The numbers tell us that cashback is enjoying more than expected success. The approval of the measures to reduce the use of cash is high“.

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tightening cashback starts risk

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