Whether you have a traditional or an online bank account, the Decree Law linked to the Budget Law 2018 implicates changes that every entrepreneur should know and that covers both withdrawals and deposits limits.
The new regulation on current accounts, in fact, imposes the limit of €1,000/day for withdrawals and €5,000/month for payments on the personal bank account of the entrepreneur. If you exceed the daily or monthly threshold, suddenly the checks from part of the Revenue Agency and the related bank investigation for tax evasion will start. The sum exceeding the limit, would therefore be considered as undeclared revenue and the entrepreneur would be in the position to defend himself by proving the source, traceable, of the sum withdrawn and its lawful use.
Let’s now see in detail what changes for entrepreneurs. Notwithstanding that a bank can not refuse to proceed with the deposit of a large sum of money on an online bank account. On the other hand, it is fair to know that this opens the possibility to the Revenue Agency to request clarifications from the client regarding this payment considered “suspect”, explaining and documenting the origin of the money. That kind of investigation, according to the law, allows the tax authorities to investigate in depth the current accounts of the company, the entrepreneur and their family members.
It is therefore essential that the entrepreneur is always able to trace and demonstrate the source of income paid into his online account or the one of a family member. If this does not happen and a correction of income taxation emerges from the check, the penalties for tax evasion will be applied.
As already mentioned, there are news rules also for levies: the account holder can withdraw the preferred amount and the bank does not have the right to object. But if the source of these sums is not traceable and clear, the fiscal control can again take off. The problem does not arise for bank or postal transfers, given that the nature of the credit and the beneficiary, in this case, is indicated in an unambiguous manner.
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