Beware of bank transfers as they end up, even in 2022, under the magnifying glass of the tax authorities and the banks themselves. So let’s go into the details and see what there is to know about it.
Food, clothing, children’s education, extracurricular activities and much more. There are really many things that we regularly find ourselves having to deal with and that end up having an impact, not indifferent, on our pockets. If you then add the crisis economic caused by the negative impact of Covid, it is no wonder that more and more people decide to turn an eye on the world of savings. Precisely in this context, therefore, the current account certainly plays a very important role, which allows us to keep our money safely.
At the same time, you are always advised not to let your guard down, as there are some movements that could end up under the magnifying glass of the Tax and the credit institutions themselves. We speak in particular of bank transfers which, even in 2022, continue to be subject to controls. But for what reason and above all in what cases? So let’s go into the details and see everything there is to know about it.
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Current account, beware of tax and bank checks on wire transfers: what you need to know
Some time ago we saw together how important it is to lend pay attention to transfers to children as there is a gesture that could cost you dearly. Well, just dwelling on bank transfers it is good to know that they often end up attracting the attention of the Revenue Agency, especially if the relative movements do not result from the tax declaration or however it is particularly high amounts.
But not only that, to end up under the magnifying glass of the tax authorities also include the movements abroad, especially if, at the same time, the closure of a current account in Italy is registered. The reason why the Revenue Agency always keeps the attention on the various banking movements high, as it is easy to guess, is linked to the fight againsttax evasion and at the risk of recycling.
In this context, the UIF, or theFinancial Intelligence Unit of the Bank of Italy. However, it should be noted that the controls do not only concern withdrawals at the counter and ATMs, but also bank transfers, both incoming and outgoing.
Current account, watch out for bank transfers: when the tax checks are triggered
Going into the details, we remind you that the Taxgenerally, it carries out checks if the bank reports suspicious transactions. The latter, it should be emphasized, can be carried out both inbound and outbound. In this regard, moreover, it should be remembered that there is actually no particular limit to which reference must be made. This is because each of us can have all the money they want in their current account, provided, of course, that it is obtained completely. lawful.
However, there are some circumstances that can trigger checks by the Revenue Agency, especially, as already mentioned, in the presence of movements with a high amount. In case it is businesses, for example, checks can be triggered in the presence of withdrawals of more than one thousand euros in one day or 5 thousand euros in a month.
As for the private citizenson the other hand, the bank may decide to send a specific report to the Financial Intelligence Unit in the event of withdrawals with amounts exceeding 10 thousand euros in a month, even if carried out in a fractional way.
With regard to i wire transferson the other hand, the threshold for the amount of transfers was lowered in 2022, beyond which banks must send a specific report to the Financial Information Unit of the Bank of Italy. In particular, all financial transactions with amount exceeding 5 thousand euros. At the same time, in the event of suspicious movements, the possibility is not excluded that the report may also be triggered for lower amounts.
Current account, watch out for checks on bank transfers: the stakeholders in 2022
The bank itself and the tax authorities, therefore, could ask us for clarification in the event of suspicious movements. It is therefore the responsibility of the interested party explain where the money came from. Otherwise, in fact, the tax authorities might think that it is a case of tax evasion, with the interested party who would consequently find himself having to deal with a situation that is certainly not very pleasant.
Precisely for this reason it is always advisable to keep all receipts e papers which certify the reason for which a certain amount of money has been transferred, especially if it is particularly high. Finally, we would like to remind you that the banks that have to make a specific report on this matter obviously include the banks, but not only that.
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Also Poste Italiane for the bancoposta business, the institutes of electronic money, payment institutions, securities firms, financial intermediaries registered in the register and others.
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