New ceiling on the use of cash. The new limits on cash payments come into force on 1 July. From 3 euros it will go to 2 and then drop again to 1 euros from 2022 January 50. Anyone who does not respect the new thresholds will be subject to very high fines, the amount of which could even reach XNUMX for each individual operation.
CASH: THE NEW RULES
The new limits on cash payments have been established since decree n.124/2019 linked to the Budget Maneuver. The aim is to combat tax evasion, an endemic evil of our country. At the same time, the aim is to encourage the diffusion of electronic payments. In fact, Italy is 26th in the ranking of the EU Commission (Desi 2019) on the use of internet services, and 23rd in Europe in the Ambrosetti Cashless society index.
As expected cash can only be paid up to €1.999, from 2.000 upwards it will be mandatory to use a traceable tool: wire transfers, checks, credit cards, etc. The limit will remain valid until December 31, 2021, while from 1 January 2021 a new squeeze will start: from 2 thousand it will go to one thousand euros (payments allowed up to 999 euros).
The cap applies to both the payer and the recipient and also involves loans and donations and money transfers within the household. Excluded from the obligation on the other hand, deposits and withdrawals on current accounts and installment payments in cash.
READ MORE: Cash, how the "ceiling" works: 7 rules of the Treasury
CASH: SANCTIONS FOR THOSE WHO DO NOT RESPECT THE RULES
Those who exceed the new cash limits will face hefty fines. Within 250 euros, the sanction is between 2 and 50 euros. Over 250 thousand euros, it ranges from 15 thousand to 250 thousand euros.
For professionals subject to the reporting obligation, the fine will range from 3 to 15 euros.
CASH CAP: THE LIMITS ABROAD
Out of 30 European states, 12 have imposed limits on the use of cash, including Italy. Above all, the southern states are leading the way: in Portugal the ceiling is 2.500 euros, in Spain it reaches 15 euros for residents and 15 for non-residents. One thousand euros also in France (1.500 thousand for non-residents), 3 in Greece, 5 thousand in Belgium. Bulgaria and Slovakia have established a much higher threshold of 2.100 euros, while in Romania there is a daily threshold for cash payments of around 10 euros (14 lei). The Czech Republic and Poland are more permissive, where the limits are respectively 15 euros and XNUMX euros. Same figure in Croatia.
