The Italian 2020 Budget Law, in order to combat tax evasion, reduced the limit on the use of cash in Italy by setting the threshold of € 1,999 (until 2019 this threshold was 3,000€). Any payments in excess of this threshold must be made using traceable payment methods.
This limitation is in force from 1st July 2020 and will be in force until 31st December 2021 (a further reduction of the threshold to € 999.99 from 1st January 2022 is expected).
This provision only refers to payments made between two or more entities in a transaction, and therefore excludes operations (such as bank withdrawals) involving a single entity.
These provisions are intended exclusively for Italian citizens.
The limit of cash payments in Italy for residents outside the Italian borders, both European and non-EU, was raised to €15,000.00 (the previous limit was €10,0000).
This threshold applies in particular to a number of commercial establishments, including hotel services, the organisation of excursions, sightseeing, transport and other activities.
So, come, visit Italy and flaunt your cash!
by Giovanni Babino
Piazza Duca d’Aosta 10
Telephone : +39 02 66 98 14 38
Fax :+39 02 67 48 19 15
Website : http://www.bf-lawyers.com/index.php/en/