As presaged within the anti-tax evasion provisions of the Italian government’s recent ‘Save Italy’ budget, the Ministry of the Economy and Finance has issued the relevant procedures to give effect to the restriction of using cash to transactions of less than EUR1,000 (USD1,285).
From February 1, 2012, transfers to third parties are forbidden to be made by way of cash for single amounts equal to or more than EUR1,000. Such transfers will only be allowed if they are made by way of “traceable” payment methods, such as non-transferable bank or postal cheques, bank transfers, and credit or debit cards.
The restriction regards payment for goods and services, as well as for gifts and donations. The Ministry also reminded Italians that the limit cannot be avoided for payments made in several amounts of less than EUR1,000, if the payments refer to the same transaction. This includes, for example, periodic repayments of loans linked to consumer purchases.
.Tags: tax | offshore | banking | offshore banking | tax compliance | Italy | compliance | retail | services | Italy
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment