In a world where digital payments are gaining ground, bizum YesIt has become an important tool. But with its increasing popularity, questions also arose:to be tax authorities Thank you for using Bizum? There limit on amount of money What can you send or receive? We demystify these myths and bring you the truth behind Bizum regulations.
Bizum under the Treasury’s magnifying glass: What should you know?
The Ministry of Finance and Public Duties closely monitors money flows and, with Law No. 11/2021 Measures against tax evasion, Bizum has entered your radar like other bank transfers. So what does this mean for the ordinary Bizum user?
- Bizum as bank transfer: According to the Tax Office, Bizum is accepted as a bank transfer. For the average citizen, this means that regular movements do not need to be declared to the Treasury.
- Liability of banking organizations: Banks are obliged to report all current account movements, including those made through Bizum, to the Treasury.
- Is there a penalty for using Bizum? There are no penalties for conducting regular operations in Bizum. However, if the annual amount exceeds 10,000 euros and a profit is made, this will need to be declared.
- Exceptions to the declaration: Everyday situations such as sharing meal expenses or making transfers between family members do not require a declaration.
Legal entities and Bizum: When to declare?
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Self-employed individuals and companies They are required to make a declaration if the total amount of Bizum exceeds 10,000 euros per year.
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If rent payments are received through Bizum, they must be declared as in the case of bank transfer.
Income Tax Return and Bizum
- Data for properties and rental properties, income statement.
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Failure to declare the required Bizum may result in penalties ranging from 600 Euros to 50% of the transaction value.
Limits of operations with Bizum
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Bizum has been imposing restrictions on operations since 2021. You can receive up to 2,000 Euros and earn 60 Bizum per month.
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Sending money is unlimited, but there are certain limits per transaction and per month. The minimum amount is 0.5 Euro per operation, the maximum is 1,000 Euro, and the limit is 2,000 Euro per day and 5,000 Euro per month.
Bizum has proven itself as an efficient and convenient means of payment, but It is vital to know the regulations and limits of the legislation to avoid misunderstandings with the Treasury.with. As long as you use Bizum in daily transactions and do not exceed the specified limits, you can continue to enjoy its advantages without worrying.