The Tax Office plays a very important role in Spain, although it is often viewed with suspicion: Tax collection facilitates basic public services such as healthcare and education., well-known. However, it is common for some concerns to arise among the public when it comes time to file income tax returns.
One of the biggest unknowns regarding treasury and income declaration regarding tax treatment bank transfer and the threshold at which the agency will begin to review them.
In recent years, there has been a significant increase in this type of banking transactions, driven by the development of online banking and, more recently, its integration into Bizum’s services. These technologies enable the exchange of significant amounts of money in a short period of time, from days to seconds.
Although Bizum makes it possible to transfer up to 500 euros in just a few clicks, the tax regulations applicable to bank transfers are different and should be taken into special consideration.
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.