This State Tax Administration Agency (AEAT) its increased monitoring certain cash transactions It is run by both individuals and companies in Spain. These measures are prevention and fighting crimes such as fake to the treasurymoney laundering and financing of illegal organizations.
In cooperation with banks, AEAT pays special attention to four types of operations. advance If not properly reported, it can result in significant fines for those involved.
- Transactions over 10,000 Euros: According to the Law No. 7/2012, all bank transactions exceeding 10,000 Euros, whether money transfer or cash withdrawal, must be reported to the Treasury. However, in this case, it is the bank that is responsible for informing AEAT about the operation to maintain adequate oversight.
- 500 euro invoice usage: Transactions with 500 Euro bills must be reported to the Treasury, regardless of the total amount. These invoices are often related to illegal transactions, so their use in normal transactions is cause for warning.
- Payments and collections over 3,000 Euros: If you are making payments and collections in cash for amounts exceeding 3,000 Euros, you must inform the Treasury. This requirement applies to both cash transactions and wire transfers.
- Frequent cash income: Banks must also notify the Treasury whenever a customer frequently deposits cash, regardless of the amount of each transaction.
In such cases, reporting the movements to the Treasury does not require a fine. But, Users should be able to justify the source of funds if the AEAT requests clarification.. If it cannot be shown where the money came from, then the Treasury can intervene.
In this content, the Tax Administration You can request that the money be included in the tax return. Apply a fine of up to 150% of the full amount resulting in the IRPF (Personal Income Tax) or the corresponding IRPF of profits.
According to Law No. 11/2021, cash payments are limited to 1,000 euros. If you want to pay a higher amount, you should use electronic means or bank transfers.
If you exceed the stated amounts of money and do not declare, tax offices will inform you to explain the source of the money before imposing a fine. Therefore, it is important to be aware of these regulations and comply with the notification and justification requirements to avoid problems with the AEAT.