Every time you withdraw money at the ATM you risk being under the watchful eye of the tax authorities, which due to the high tax evasion has intensified checks on the lifestyles of Italians and on the money they withdraw from their account.
In 2019 it is estimated that over 203 billion euros were evaded, over 11% of GDP, and to counter this practice, the Revenue Agency has begun to control the expenses that each person makes for a living, so as to identify any transactions unclear.
What happens when you withdraw
Between the consequences of the war between Russia and Ukraine, the increase in inflation, the high bills and the increase in the cost of food, Italians no longer know how to manage their salaries to get to the end of the month without the risk of not having nothing to eat.
There are so many people living in poverty in Italy and, to better manage the few entries and exits, it happens that you go to withdraw money at the ATM, but with movements like these you risk incurring tax checks.
For both bank and postal accounts there is a limit not to be exceeded when withdrawing and this figure may vary depending on your contract. Some people will be able to withdraw no more than 150 euros while others can go as high as 600 euros per day.
When the checks are triggered
People who own commercial activities have somewhat different rules, in fact they can withdraw a maximum of 10 thousand euros per month from the company’s account even if spread over several days. Exceeding these thresholds makes the Revenue Agency very suspicious, which will immediately carry out checks to avoid tax evasion, money laundering and other illegal activities.
The tax authorities, however, could become curious even when the withdrawals are not made, in fact the checks can be triggered even when the Revenue Agency uses the famous “Savings meter”, a parameter used to understand how a person can live without using their own money.
If a person makes payments with the POS and spends more than 20% of their income, they may find themselves having to provide many explanations to the tax authorities, to better understand where the “extra” money comes from.
If you have nothing to hide and you do not carry out illegal activities you have absolutely nothing to fear, you can peacefully continue to withdraw cash at the ATM. However, remember that the outgoing government has set a maximum of € 2000 for cash payments, so be careful not to exceed this threshold!