the decisive detail that many miss

As early as January 1, the legislation on cash has changed radically. With one exception, however, bound to further obligations. Let’s see what it is.

The first and most important change of the year regarding the use of cash has already entered into force. From 1 January, in fact, the payment limit was activated at 999 euros or a little more. The thousand euros, in essence, must not only not be exceeded but not even reached. In fact, exceeding even a few cents would lead to a possible fiscal control as a result of a report by the bank to the Financial Intelligence Unit (Uif). Maximum attention therefore, even if it is true that the new limit will concern mostly those who are owners of small businesses rather than small savers.

It should be remembered, however, that the new maximum limit for cash payments will affect both natural and legal persons indifferently. Furthermore, there is another detail to pay attention to. The legislation of Legislative Decree 50/2017, to be precise in Article 13 quater, it clearly states the application of the rounding down of the limit sum. In practice, against a permitted ceiling of up to € 999.99, the cost of producing the 1 and 2 cent coins will lead the financial authority to consider the maximum amount to be € 999.5. One of those “small lines” capable of making huge differences.

Cash, bills and more: the thrilling news of January

Cash, the rounding issue: exceptions and regulations

So new rules, even if not for everyone. In fact, the only exception (except for the various justifications to be placed if the limit sum should be exceeded) is granted to foreign citizens present in Italy. The latter will be able to carry out cash transactions up to 15 thousand euros. The derogation in question, as reported by Il Sole24Ore, is governed by the Law Decree 16/2012 (later Law 44/2012) and allows both the purchase of goods and services linked above all to tourism. Therefore for people with citizenship other than the Italian one, residing outside the national borders. In any case, the obligation to notify the Revenue Agency remains if transactions of this magnitude are made. In case of collection, you will have to act through an intermediary to give specific communication.

Cash, in addition to the new limit, a further obligation is triggered: who is penalized

The 15 thousand, however, remain the maximum ceiling. It will therefore not be allowed to split the amount to pay higher sums. The only way would be to use traceable tools and act through a bank or the post office. This is because, on the matter, the anti-money laundering legislation intervenes, aimed at combating money laundering offenses. Among the provisions, the divisibility of the payment is also regulated, which is defined as unitary in terms of economic value. Moreover, extending the rule to payments up to seven days for the same operation. Any violation of the new limits on cash payments will trigger administrative penalties ranging from a minimum of one thousand up to a maximum of 50 thousand euros, depending on the nature of the infringement. A measure that did not fail to attract the attention of the ECB, which required at least its monitoring intervention. In order to verify that the application was in line with European standards on the subject.

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