The coronavirus pandemic has changed many things in the lives of all of us. To avoid physical contact, many people have chosen to pay for all their purchases with a credit or debit card. Of course, there have also been those who have thought that, just in case, it is better to have part of the money saved at home instead of in the bank . Of course, in some cases the Treasury can investigate the origin of the money that is under the mattress to avoid fraud.
This is how the Treasury monitors cash
No, the Tax Agency will not go house to house monitoring the cash that each person has stored at home. But the following can happen. Imagine that little by little you are saving and there comes a time when you want to deposit it in the bank account .
Well, the bank is obliged to inform the Treasury of any account income that exceeds 3,000 euros . This information may remain on record or be the beginning of an investigation. This will depend on the Tax Agency itself. If he sees that there is no problem, he will just let it go. But, if you have the slightest suspicion of the origin of the money, you can start the investigation.
If this happens, you have to prove that the origin of the money is legal . What do you have to do in this case? Declare it in the Income Statement, depending on whether the money is the performance of economic activities, work, real estate … The possession of cash under the mattress is not illegal and does not require the payment of any tax.
But if you use that money to buy a good , such as buying a car or a house, or put it into the bank account without having previously declared it, you can get into trouble.
Payments of more than 1,000 euros in cash are prohibited
Finally, we want to recall that the Congressional Finance Commission has approved the law against tax fraud that includes a series of measures, including prohibiting payments of more than 1,000 euros in cash when one of the parties is a professional or entrepreneur. . Until now the limit imposed was 2,500 euros.
The National Association of Large Distribution Companies (Anged) and the Spanish Confederation of Commerce (CEC) have been opposed as they consider that it is not the time to adopt this type of measure.
