Like the rest of things in our lives, payment methods have also been affected by technology. It is a fact that cash is now experiencing its lowest hours, while card payments and other online payment methods continue to grow.
Therefore, not only do users have to catch up with these new formats, but companies, businesses and institutions themselves must also do the same. This has meant that the Spanish government is preparing a new decree that will impose greater reporting obligations on financial entitieswhich will directly affect electronic transactions.
The intention of this royal decree is modernize and strengthen fiscal control, and therefore to Starting in 2025, entities issuing credit, debit cards and other payment methods will have to present at the end of the year a detailed report on the movements of its clients.
It will provide information such as the identification of the cardholder, the total number of transactions made and the amount of those transactions. This means that from now on all movements that exceed the 25,000 euros per year per card will be declared.
In the same way, financial institutions will have to report monthly on the charges made by entrepreneurs or self-employed workers through cards or mobile payment applications, such as Bizum or PayPal, regardless of the amount. This new measure seeks to avoid practices such as money laundering and the fraud fiscal of large electronic transactions.
Starting in 2026, The Treasury will have much stricter control over the money that moves through banks and other electronic means. Banks will have to provide detailed information to the Treasury about all large operations carried out.
#careful #Treasury #amount #card #payments #declared
