The new cash payments regulations
The Tax Agency has made a significant decision for cash purchases, establishing a maximum limit of 1,000 euros for transactions where at least one party acts as an entrepreneur or professional. This rule, which entered into force in July 2021, has significantly reduced the previous limit of 2,500 euros.
Implications of the limitation
This restriction does not only refer to the amount that can be paid in cash but also affects the total operation. This means that if the cost of a product is 1,200 euros, a partial payment is not allowed in cash and the rest with other methods. The whole transaction must be performed through electronic or banking channels.
Exceptions for tourists
For foreign visitors who do not act as entrepreneurs, the limit lifts 10,000 euros. This measure aims to facilitate cash purchases for those who do not reside in Spain.
Motivations behind the change
The reduction of the cash limit is part of a wider strategy of the Spanish government to combat tax fraud and the submerged economy. With these regulations, it seeks to increase transparency and traceability in transactions, thus hindering the possibility of illegal practices.
Audience reactions and consequences
The new rule has generated intense debate among consumers. A recent Gad3 survey reveals that 85% of the Spanish population is contrary to the limitation of cash, with significantly higher opposition among people over 65 and those with lower income.
Infractions and sanctions
The non -compliance with these regulations has been described as a serious administrative offense. Both the payer and the receiver who exceed the established limit may be sanctioned with a fine of 25% of the amount exceeding 1,000 euros. This measure seeks to deter cash use in significant importance operations.
Final reflections
With this new regulation, the Spanish authorities seek to transform the landscape of economic transactions, promoting a more digital and transparent system. However, the resistance of the public indicates that the transition to this new age of payments may be more complicated than expected.