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.
Among them, one of the most proliferated in Spain is the Bizum system, a form of instant payment that only requires the other person’s phone number (as long as they are also registered in Bizum) to make the payment.
The arrival of Bizum in Spain was a revolution, because it solved the problem of not carrying cash, since it is much faster and more direct than bank transfers. Nowadays Bizum is used daily by millions of Spaniards, both for payments between individuals and businesses, which have also adopted this modality to provide more facilities to their clients.
The rise of Bizum does not go unnoticed by anyone, and due to the high use that users make of it, The Treasury is paying attention to all the movements that are made around here.
As the OCU, the Organization of Consumers and Users, explains on its website: “Bizum is just another payment method, like conventional bank transfers, and The obligation to declare or not will depend on what you are receiving“Of course, this should only concern us when we move large amounts of money through this system, and not if we pay our share of dinner to a friend of ours.
Therefore, you should know that If you exceed 10,000 euros in Bizum movements per year you must declare itAnd if you don’t, rest assured that the Treasury will be knocking on your door sooner rather than later.
It should also be noted that If you are self-employed and charge for your services or goods that you sell through Bizum, you must declare them as amounts obtained within the scope of the performance of economic activities. In the same way that if you are a landlord and collect rent this way, you must include these Bizum in the declaration as returns on real estate capital.
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