When important periods such as Christmas, tax returns or weddings, baptisms and communions are approaching, citizens begin to worry about a central issue in such events: the money and taxes paid for it.
Even though it’s not the most important thing, Gifts are always welcomed and are part of the most established traditions in such celebrations. There are still stores like El Corte Inglés that prepare long gift lists where guests can choose what they want to give as a gift from among the items they have previously selected. There are also those who take risks and choose something on their own that they think the other party will like.
But in most cases the gift is much simpler: an envelope containing money or a money order. So much so that many invitations already specify the account number that will make the direct money transfer.
Although this may seem like an “innocent” act of giving, the truth is that, for tax purposes, gifts of money are taxed as donations and Law No. 29/1987 recognizes “the acquisition of goods and rights through donations and other legal transactions between individuals free of charge.”“and that they could be subject to sanctions if they exceed a certain amount without declaring it.
According to the Tax Officeexisting imitation Transfers between friends or family for wedding gifts, communions or baptisms cannot exceed 6,000 euros; In accordance with the Money Laundering Law, banks are required to notify the Treasury if this amount is exceeded.