‘The cash ceiling will go up’. The opposition attacks – Politics

There is no connection between the limits on the use of cash and tax evasion, which is why the Government will raise the current ceiling of 3,000 euros which, moreover, penalizes the poorest. Prime Minister Giorgia Meloni announces the turning point, after the League in the morning had filed a bill that brings the threshold to 10 thousand euros. Meloni confirms the intentions of his majority in the reply in the Senate, quoting the words of a former Minister of the Economy of the Democratic Party: “There are countries where there is no limit and evasion is very low, these are the words of Piercarlo Padoan minister of the Renzi and Gentiloni governments “. The opposition arises: from Giuseppe Conte, for the M5S, who shouts at the return of the briefcases of cash, to the Democratic Party who considers it an aid to the tax evaders, to the third pole of Carlo Calenda according to whom “it’s stupid”. And everyone remembers that it was a Bank of Italy study that linked the use of cash to the underground economy.

The traders’ associations, on the other hand, see an opportunity: using more cash could even encourage consumption and therefore stimulate the economy. Italy is one of the 17 European countries to have established a limit on cash payments, setting a threshold of 2,000, which would drop to 1,000 from next year if no action is taken. What the government will do instead, already with the next budget maneuver, said the senator of FdI, Giovanbattista Fazzolari. The other 10 EU countries have no limits, and among them are Germany and Austria. A situation that, explains Meloni, “risks not favoring our competitiveness”. After all, Brussels, although in favor of low roofs, had proposed to standardize the limits starting from a threshold of 10 thousand euros, to convince even those countries that currently have very high ceilings or no limits.

“Raising the ceiling on cash spending from the current 2 thousand to 10 thousand euros is a common sense proposal by the League, in line with the program of the center-right and with other European countries: Less bureaucracy, more freedom”, said the deputy premier and minister of Infrastructure Matteo Salvini.

The opposition, however, disagrees: “It is a proposal that we do not agree with in any way, it is in total contradiction with what has been decided in recent years in Italy and in most European countries to gradually reduce the use of cash and push the traceability of payments and the fight against the underground economy, said Antonio Misiani, economic manager of the Democratic Party. According to Conte, on the other hand, raising the cash ceiling means “rewarding those who go around making payments with 10 thousand euros of banknotes in a briefcase”, and they are not poor people, because those “usually don’t go around with 10 thousand euros in cash in their pockets.” the financial intelligence unit at the Bank of Italy dealing with money laundering and terrorist financing.

The UIF also monitors the use of cash (in the first half of 2022 it grew to 116 billion euros) and receives reports from banks and post offices if a single subject exceeds the threshold of 10 thousand euros per month of withdrawals and payments. In a study a few months ago, together with the Bank of Italy, crossing public databases showed the existence of the “causal link between cash movement” and submerged. In that research, called ‘Pecunia Olet’, it was underlined how the underground economy has “grown also following the raising of the threshold for the use of cash from 1,000 to 3,000 euros, in force since 2016 with the aim of supporting demand “. And the study concluded by stating that “restrictions on the use of cash can be effective in combating tax evasion”.

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About Banner Leon

Videogames entered his life in the late '80s, at the time of the first meeting with Super Mario Bros, and even today they make it a permanent part, after almost 30 years. Pros and defects: he manages to finish Super Mario Bros in less than 5 minutes but he has never finished Final Fight with a credit ... he's still trying.

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