The fight against tax evasion passes from progressively less use of cash. But the tax authorities keep an eye on payments more than withdrawals.
It will be a new year different from the one just ended, in many ways. Perhaps the first really transitional between the during and after the pandemic. The move towards 2023, referred to as the first point of examination, will be accompanied by a definitive awareness on the changes imposed by the pandemic in terms of habits and daily life. The goal of the Italian government is to cross the undulating tide by focusing strongly on the fight against tax evasion and on the reforms of pension systems and, in fact, the tax authorities. Also in this sense, the impact on the newspaper will be important, especially on the monetary level.
The strategies to combat tax evasion adopted by the executive include the progressive provision of the use of cash and, therefore, the system of withdrawal at ATMs. The point is to encourage the use of traceable payment systems, or transfers, credit cards and debit cards, but also checks, in order to also favor the tax assessment procedures by the Revenue Agency. Which, as far as possible, with cash payments would require more time and additional checks.
Limits to deposits and payments in cash: the future of current accounts
The current account will therefore be the catalyst for the news. And the cash withdrawal will become the observed special, more than it already is. For example, among the aspects also addressed by the Supreme Court, the payments are a key step. On the basis of its prerogatives, in fact, the tax authorities consider every transaction of this type carried out in cash a potential taxable income. If this is not the case, it must be demonstrated through specific documentation. The most immediate solution, therefore, would be its indication in the tax return and the consequent payment of personal income tax. The most natural way to evade the risk assessment.
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However, this is not the only question. In fact, despite the fact that there is no limit on payments to a current account, an account may be required regarding the origin of the money, especially in the presence of large sums, perhaps beyond the so-called traceability threshold (1,000 euros from January 2022). In case of inconsistencies, the bank could make a specific report to the Anti-Money Laundering Authority. The discourse on withdrawals is different, not subject to controls in order to hypothesize about undeclared income. Only business income holders are required to provide proof, if withdrawals exceed € 1,000 per day and 5 thousand in a month. Basically, more restrictions on payments in tax terms but more on withdrawals on a technical level. The disincentive to evasion passes from both sides of the board.