Car purchase, what changes with the new cash limit: all the details. From 1 January 2023 it will be necessary to adapt to the new maneuver allocated by the Meloni government
The maximum expenditure ceiling rises up to 5,000 euros and this will also have an impact on the purchase of a car, for example. The change compared to now is quite important given that the current limit was 1,000 euros.
There are important changes with the economic maneuver allocated by the new Meloni government. One of the aspects that is being talked about especially at the moment is the raising of the cash spending ceiling. After the hypothesis of a reduction for this year (later not implemented by the old Executive) to only 1,000 eurosnow it will pass from 1 January 2023 to 5 thousand euros.
The news was confirmed in the Maneuver 2023launched on November 22nd and presented at the press conference by Premier. In the context of the budget law, therefore, reference is made to what will be the possibility for all Italians to purchase goods even of a certain value through the use of banknotes and not just bank transactions.
The cash cap has been used in recent years as a counter to tax evasion and has undergone many changes over time. Suffice it to say that in 2016 it was set at 3,000 euros, to then drop to 2,000 in 2020 and to 1,000 euros in 2022. As mentioned, however, this last step has never been climbed given that with an amendment approved during the conversion of the Of the Milleproroghe of this year, the reduction to 1,000 euros had been postponed to 2023.
Car purchase, new cash limit: what changes
Going into the specifics of this rule, we can see how the ceiling on the use of cash is applied to certain economic transactions and present very heavy penalties for those who violate them.
Mainly we have three types of limits:
– Transfer of cash in euros or in foreign currency
– Transfer of bearer securities in euros or foreign currency
– Bearer bank or postal deposit books
By transferring cash, we also mean normal day-to-day purchases of goods and services. Among these we can also include everything related to the purchase of a car. Now as long as the limit was set at 1,000 or 2,000 eurosit was perhaps complex to be able to imagine a transaction for a usually very expensive object, but now a 5,000 we find many examples.
Cap on the use of cash: the new Government measure from 1 January 2023
If we take the used market we can undoubtedly find many cases of cars that fall within the spending limit of 5,000 euros. There are also quite good models and renowned brands, which, having a rather old manufacturing date, report an evaluation below this threshold.
If, on the other hand, the amount is higher, we have different solutions to use. In fact, it is possible to make cash payments exceeding the established limits by paying in installments and only under these conditions:
- Each installment must not exceed 5,000.00 euros.
- A written agreement between the parties is required.
- At least seven days must pass between the payment of one installment and the next.
- Payment must be related to the transaction. For example, with reference to the purchase of a used car, a hypothetical cash payment of 20,000 euros to be completed by 12/31/2023 could provide for a deposit of 4,500 euros, three installments of 3,550 euros each and a final installment of 4,850 euros.
But what are the sanctions envisaged for this type of cash overrun?
- Fine of between 2,000 and 50,000 euros for those who violate the cash limit in force from 1 July 2020 to 31 December 2021.
- Fine of between 1,000 and 50,000 euros for those who violate the cash limit in force from 1 January 2022.
From 1 January 2023 new sanctions will probably be updated with the spending ceiling at 5,000 euros.
