this The Tax Office is one of the most feared institutions in Spain, but it won’t be necessary: thanks collection taxes, We have public health and education to admire. Yet when the time comes make an income statement, many people begin to tremble.
One of the biggest doubts about the treasury and income statement is How are bank transfers taxed? and from what amount the institution began researching them.
In recent years, such banking transactions increased due to the development of electronic banking and the recent inclusion of Bizum in the service pack. With these tools we can joyfulexchange of large sums of money within a few days or seconds.
You can transfer via our up to 500 euros With just a few clicks, the amount to be declared is very different when we make a bank transfer.
The limit of the transferred money will be declared before the Treasury.
By General Tax Law, Banks are obliged to submit to the Tax Administration all kinds of data, reports, records and supporting documents of tax nature regarding their fulfillment of their tax obligations or arising from their economic, professional or financial relations with other persons.
The amount of money you have to declare before the Treasury is €10,000: Citizens are obliged to include this amount in the income statement.
Although the mandatory amount for disclosure to the Tax Office is 10,000 €, it is important to note that: body monitors all movements and you can ask the bank to provide you with data regardless of the amount sent.
Sanctions for not declaring remittances to the Tax Office
Taxpayers must account for transfers of more than €10,000 through the SI model and those who do not.It faces penalties of up to 50% of the amount sent with 600 €.
In addition, light fines of up to €60,000 may apply if the source of the money cannot be justified; or very seriously, more than €150,000.
Source: Informacion
James Sean is a writer for “Social Bites”. He covers a wide range of topics, bringing the latest news and developments to his readers. With a keen sense of what’s important and a passion for writing, James delivers unique and insightful articles that keep his readers informed and engaged.