Although in Spain Tax Administration Although often perceived with a certain skepticism, its role is fundamental: Tax collection is vital to maintaining basic public services such as health and education.. However, the arrival of the income declaration period often creates anxiety among citizens.
A common question that arises regarding treasury and income tax returns is how bank transfers are treated from a financial perspective and how much attention the institution begins to pay to them.
Recently, this type of banking has seen a significant increase with the development of online banking and its recent inclusion in Bizum’s services. These digital tools make it easier to mobilize significant amounts of money in a very short time, which can range from days to seconds.
Despite Bizum allows you to transfer up to 500 Euros quickly and easilyTax regulations governing bank transfers differ and require special analysis.
During from beginning to end bizum Up to 500 Euros can be transferred The amount to be declared is very different when we make a bank transfer in just a few clicks.
Border
According to the General Tax Law, banks are “obliged to submit to the Tax Administration all kinds of data, reports, background information and supporting documents of tax importance related to the fulfillment of their own tax obligations or arising from their economic, professional or financial activities.” relationships with others”.
The amount of money you must declare to the Treasury is 10,000 Euros: Starting from this amount, citizens are obliged to include it in their income tax returns.
Although the mandatory amount to be declared to the Tax Office is 10,000 Euros, it should not be forgotten that: the body follows all movements and you can ask the bank to provide you with data regardless of the amount sent.
sanctions
Taxpayers must account for transfers exceeding €10,000 through the SI model.They face sanctions of up to 50% of the amount sent with 600 Euros.
Additionally, small fines of up to 60,000 euros may be imposed if the source of the money is not justified; or very serious, more than 150,000 euros.
Source: Informacion
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