Those who live or circulate in certain European countries should be aware of the new rules to raise money in cash. Tax authorities are tightening control over large cash movements and there are new requirements that, in case of non -compliance, may result in significant fines.
According to Eurowekly website, it was mandatory in this European country to notify the tax authorities before bank surveys higher than certain amounts.
Raising more than 3,000 euros requires warning
Anyone wishing to raise 3,000 euros or more at a bank branch must now submit a notice to the country’s tax authorities concerned.
For amounts over 100,000 euros, the notification must be done at least 72 hours in advance. For surveys between 3,000 and 100,000 euros, just a 24 -hour warning.
According to the same site, this warning should be delivered through the official digital platform of the local tax entity, using recognized electronic identification means such as digital certificate, PIN or electronic identification card.
After submission, the taxpayer receives a proof, which must present at the time of the survey.
Raising money without warning can be expensive
Authorities warn that if the notice is not fulfilled within the stipulated deadlines, the survey may be refused by the bank and still subject to fines.
Penalizations range from 1% to 10% of the busy value, with a minimum of 600 euros and can reach 150,000 euros in the most serious cases.
In addition, banks are now required to refuse the survey if the required documentation is not presented.
They also have an obligation to communicate any activity considered suspicious, including frequent surveys below 3,000 euros, especially when not justified.
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Mandatory justification and identification
When filling the notice, the citizen must indicate the exact amount to raise, the reason for the survey, their identity and, if applicable, the identity of the final beneficiary of the money.
The authorities of the country in question argue that these measures aim to increase the traceability of cash flows in cash and prevent phenomena such as tax fraud, capital bleaching and financing illegal activities.
Focus on cash transactions
According to it, it is not true that they automatically apply fines for lifting 3,000 euros.
However, banks have been required since 2010 to communicate to the authorities when this type of operations occurs.
Automatic boxes, usually, do not even allow so high withdrawals. For example, in some institutions, the daily limit surrounds 600 or 1,000 euros, forcing the counter to higher values.
Nevertheless, rigor increased considerably. Even repeated operations of 800 or 900 euros may arise suspicions if there is no clear justification.
Rules that can extend to other countries?
These new demands, directly covering citizens and imply a strong digitization of processes, also open the door to discussion about the eventual adoption of similar measures in other European countries, including Portugal.
For now, the recommendation is clear: whether you live or travel to this European country, plan in advance any raised money survey. Failure can be expensive, and leave the citizen without access to their own money.
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