In the two-year period 2020-2021 the attention of the Revenue Agency is focusing in particular on the movements made with the ATM. Almost all of us have at least one ATM card that we use for expenses, withdrawals and deposits and is obviously linked to a current account. Analyzing the movements of our ATM allows you to have a complete picture of the economic situation of each citizen. The Revenue Agency knows this well, and in recent years it has started from this monitoring to find anomalous movements and trigger the investigations.
Fisco, that’s when the checks on the ATM are triggered
REQUESTS FOR CLARIFICATION ON THE ATM
Investigations that can often lead to painful outcomes for individual taxpayers. Especially for those who are unable to justify certain money movements. We are not yet in a “Big Brother” phase, but the controls are becoming more and more sophisticated and stringent. However, with some precautions it is possible avoid running into checks and requests for clarification which, at best, bring with them bureaucratic delays that many of us are familiar with.
RELATIONSHIP BETWEEN REVENUE AND EXPENSES
In fact, the checks by the Revenue Agency are triggered when certain thresholds are exceeded. The basic principle is more or less this: if income and expenses on our current account are adequate, we have nothing to fear. If we spend much more than we earn, we risk attracting the attention of the tax authorities. Same thing if with our ATM we do not carry out expenses for rentals, bills, food and more, or if we do not withdraw the cash necessary to meet these expenses. The objective of the tax authorities, of course, is to bring out black income or, in the most extreme cases, to curb the laundering of large sums of money.
THRESHOLDS TO KEEP IN EYE
But when are the checks of the Revenue Agency on ATMs triggered? For merchants, the alarm bell rings in the event of withdrawals (or payment transactions) for amounts greater than 1.000 euro per day or 5.000 euro per month. Above these thresholds, shop owners are asked to provide clarification. For all other citizens the threshold not to be exceeded is 10.000 euro per month, both for withdrawals or payments and for incoming payments. If this threshold is exceeded, even if divided into several movements, the report to the Financial Information Unit (UIF) at the Bank of Italy is automatically triggered for the risk of money laundering. For certain movements on the current account, however, the Inland Revenue cannot take action with the checks.
EXPENSES HIGHER THAN REVENUE
The other parameter to keep under control to avoid unpleasant surprises concerns the overall movements made with our ATM. In general, taxpayers who spend more than 20% of what they earn they are required to justify the origin of these extra income to the tax authorities. In these cases, for the categories for which it is still provided, the controls with the Redditometer tool come into play. Obviously, if the income / expense ratio shows no imbalances and traceable methods are used for expenses, the risk of running into controls is very rare.
Content edited by Financialounge.com