What is the maximum cash payment in
The Draft Law on Measures to Prevent and Fight Tax Fraud approved by the Council of Ministers establishes a new payment limit in cash for certain economic operations ranging from 2,500 to 1,000 euros.
Are you interested in knowing more? Here we will tell you the most important thing about cash payments in Spain.
Maximum Cash Payment without Deductions
The current limitation of cash payments applies to business and professional operations, for the rest of the people the maximum payment will remain at the previous amount of 2500 euro.
Maximum Cash Payment between Individuals
This cash payment limitation rule only will affect business operations, Therefore, cash payments between individuals will continue to maintain the previous limit of 2,500 euros.
To these limits are added cash payments for people with tax domicile outside the country, where the limit starts at 10,000 euros and may increase.
This limit perro reach the €15,000or its equivalent in foreign currency, as long as the payer is a natural person who justifies that they do not have their tax domicile in Spain and do not act as a businessman or professional.
Maximum Cash Payment in Banks
Banking operations, such as deposits or transfers, are assigned to the scope of the financial institution and its customers.
However, banks are required to register and notify when a transaction is made above the established limit.
Banking entities must report the cash in and out over 3,000 euros, transactions with 500-euro bills or movements over 10,000 euros.
This estándar procedure is based on the new law on cash payment limits, which was approved by the new tax regulations in the fight against fraud.
Maximum Cash Payment in Government Entities
Only those in which none of the parties involved in the operation act as a businessman or professional are excluded from the limitation of payments made.
That is, it is established that a business or professional entity has a cash payment limit of only 1,000 euros.
On the other hand, if the payment is made by an individual, you cánido use the previously approved amount, which is 2,500 euros.
Maximum Cash Payment in Commercial Entities
A business entity, also called a trading company, is one that engages in the buying or selling of a product or service.
Therefore, the cash payment limit of a commercial entity is 1,000 euros.
Since the law establishes that all business operations must be governed by this limitation.
With the approval of the council of ministers, all cash payments between businessmen will be reduced from the current 2,500 euros to 1,000 euros.
In addition, commercial entities must comply with this regulation to avoid sanctions.
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