Although digital payment methods such as smart cards, applications or watches have extended rapidly in recent years, cash payments They have not extinguished.
According to the report on the cash of the Bank of Spain, this payment method is used mainly for small quantities and in small businesses.
Despite that, there are always people who prefer to use this form. However, everything cannot be paid with cash but also establishes a limit to it and forces shops not to accept amounts superior to it.
The goal is to avoid fraud and money laundering. This top for cash payments is marked by Law 11/2021 that, in addition, reduced the limit that was previously at 2,500 euros.
The limit to pay in cash
According to this rule, The money limit that can be paid in cash in a store or establishment is 1,000 euros. Keep in mind that the top is the same in the countervalue of a foreign currency.
“From the substantive point of view, the general limit of cash payments has decreased from 2,500 to 1,000 euros and, in the case of private individuals with fiscal domicile outside Spain, from 15,000 to 10,000 euros,” they point out from Hacienda.
In addition, one of the rules is that payments cannot be fractionated but that the person can only make a payment since the rest of the amounts will be added and more than 1,000 euros cannot be exceeded.
Finance has established a sanctioning regime where will have to pay 25% of the total that has been paid in cash. For example, if 3,000 euros are paid in cash, a fine of 750 euros will have to be faced.
As the Tax Agency reports these fines «the sanctioning procedure for the breaches of the limitations to cash payments It is regulated by the common sanctioning administrative regulations, instead of the tax regulations, since it is not a tax breach, but financial.
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