Alternatives to cash payment
The days of cash payment are numbered. The Tax Agency wants to reduce its use and encourage other safer and more transparent forms of payment. Therefore, there are several options for not having to carry cash. Banking applications and mobile phones offer us the possibility to transfer money with a simple touch. Thus, we can pay with our mobile, with Bizum or with PayPal. These are some of the fastest, easiest and most convenient alternatives available to us. However, there are people who still prefer to pay in cash, because of the fear of using the Internet.
Legal limits for cash payments
Law 11/2021, of July 9, establishes a maximum limit for cash payments. If this amount is exceeded, you may incur an offense and receive a fine. The current limit is 1,000 euros, while two years ago it was 2,500 euros. This measure aims to prevent tax fraud and money laundering. In addition, there is also a limit for bank transfers: 10,000 euros. If operations are carried out for a higher amount, they must be declared to the Tax Agency.
The consequences of paying too much cash
The Tax Agency is monitoring cash payments and sending notices to those who make them regularly. It also has a form on its website for cash payment complaints. Anyone can file a complaint if they become aware of a cash payment that breaks the law. The report can be made anonymously or by identifying oneself, and can be made both through the web and in the Agency’s offices. In case of committing this type of infringement, the Tax Agency warns that both parties must respond to the penalty imposed. This is a “serious administrative offence” that can result in a fine of 500 to 2,500 euros.
