Goodbye to cash, the truth is just this: rapid checks on everyone
One of the hottest topics regarding the economy and taxes in Italy is that of the so-called “black”, that is, those earnings that are not recorded at a fiscal level, on which taxes are not paid. In Italy, tax evasion amounts to approximately 174.6 billion euros and this is a big problem since, often, this money is in the hands of mafias and criminal organizations or, in any case, favors their businesses.
A solution that is often proposed for this type of problem is that ofabandonment of cash. If any payment were to be made with verifiable and traceable methods such as debit cards, credit cards, checks or bank transfers or via apps such as PayPal or Satispay, it would be impossible to generate an illegal circulation of cash and, therefore, it would be equally impossible not pay taxes and not declare what you earn.
In the near future, in fact, there will be a big change regarding traditional payment methods such as cash: here’s what will happen and how will the authorities ensure full compliance with the rules.
The new measures of the European Union
The European Union, through the European Parliament, has announced some new measures against money laundering. This will be taken care of by the Authority, which will improve the coordination and collaboration mechanisms between the EU Financial Intelligence Units. First of all, for cash payments the maximum spending limit for Italy will stop at 5 thousand euros. Furthermore, a special registry will be created in which the names and surnames of the holders of current accounts, cryptocurrencies and safes will be listed.
This will be accessible to the authorities in the case of investigations relating to money laundering, terrorism or financing of terrorist activities but, in all other cases, it will not be visible and your data will remain private.
States will have to adapt
All European Union states, therefore, will have to adapt to these new rules, creating their own private registers and making them available to the Authority if necessary.
For some states, then, the news will be even more impactful. If in Italy the cash limit is set at 5 thousand euros, in others it will be around 10 thousand euros. In Germany, for example, it will be the first time that such a limit will be set and for citizens this will lead to big changes.
