One of the first forms of payment “without physical money” is certainly represented by transfer, i.e. the electronic transfer of sums of money between two parties with an IBAN, identification code (in Italy it consists of 27 characters). Once an almost exclusive prerogative for account holders, in recent years it has found new applications thanks also to home banking, i.e. the ability to carry out banking transactions directly from your smartphone / computer.
What happens when a wire transfer is reported? Here is the answer
Governments encourage the use of wire transfers as they are 100% traceable: this obviously has partially alerted and worried a good portion of the population, especially those who tend to make many “movements” from a financial point of view.
A bank transfer can actually be “reported” for suspicious activities or in relation to amounts, even if there is no real “limit” relating to the amount of money that can be sent / received through wire transfers (unlike payments with cash, those are regularly limited) but if a certain passage of money is not reported to the tax authorities in a precise manner, it could be reported to the Revenue Agency by the credit institution. Controls, however, do not take place on every form of bank transfer, but are detected on a regular basis.
Basically, the Agency asks the taxpayer the nature of that transfer of money through appropriate documentation, which certifies the motivation: if this does not happen, the verification is intensified and specific sanctions are planned, followed by an assessment notice, without not even ask for explanations. This is due to a simple fact: any form of “movement” of money between two parties that does not find “justification” or other explanation, is interpreted by the state as tax evasion.
If it is not possible to demonstrate the “transparency” of these movements of money, the taxpayer can appeal to the judge, who will decide on the possible nature of the transfers in question.
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