MILAN – Two moves to limit the use of cash and push the fight against money laundering and recovery from tax evasion; three more to push consumption and give breath to the economy, through different forms of bonuses to families that allow them to alleviate the difficulties of post-Covid and perhaps return to spending levels in line with the past. From the cut to the roof for the use of cash at the start to the holiday bonus, the menu of news that arrives with the beginning of July is rich. Let’s see what they are.
Roof to cash down to 2 thousand euros
From 1 July, the ceiling on the use of cash will drop from 3 to 2 thousand euros. It means that for all exchanges of money – with another person (also a family member) or a company – the allowed limit is 1,999.99 euros. The limit also applies to bearer securities in euro or foreign currency. Besides that, you have to use traceable tools like a wire transfer. Instead, there are no limits to withdrawals from your current account or to payments, because in this case there is no concept of “exchange” but the money remains in personal availability.
The provision had been included in the fiscal link with the budget maneuver for 2020. And it is only a partial step: from January 2022, in fact, it will further decrease to a thousand euro of cap. This will restore what had been decided with the government of the Professors of Mario Monti, while Renzi had raised the ceiling to 3 thousand euros.
The tax decree has retouched the sanctions for those who do not comply with these obligations, causing the minimum edict to drop due to a possible expansion of the audience. From the 3 thousand in force, it is set at 2 thousand euros for the violations committed and contested from 1 July 2020 to 31 December 2021, then it will drop again to a thousand euros for subsequent ones. It is forbidden to transfer sums higher than the limit even when making multiple payments, lower than the ceiling, but ‘artificially divided’.
Cash, the roof drops to 2 thousand euros. The bonus for the costs of the Pos arrives: the news of July on payments
Pos requirement for traders and professionals, here is the commission bonus
Also from Thursday 1 July, for merchants, artisans and professionals who have the obligation to install the Pos to collect payments through electronic tools, a tax credit of 30% of the costs is provided (both fixed and variable ) who claim for the installation and management of the ‘machines’.
To put it in the words of the tax authorities, it covers the commissions applied by payment service providers for the supply of goods and the provision of services rendered to final consumers (i.e., natural persons acting for purposes unrelated to entrepreneurial activity , commercial, artisan or professional eventually carried out) and settled with credit, debit or prepaid cards or through other traceable electronic payment instruments.
The bonus is provided for traders and professionals up to € 400 thousand in revenues or fees. The implementing measures of Revenue and Bankitalia have detailed that the Pos supplier must communicate to the operator within the 20th of the following month the list of traceable operations carried out, the value of those overall and those attributable to final consumers and the commissions charged. Based on this data, merchants will be able to determine the base of costs incurred on which to apply the 30% tax credit. From the month following the reference month, the credit can be used in compensation via F24 and will be reported in the tax return, not contributing to the formation of the tax base for the purposes of income tax or the value of production for the purposes of IRAP. During the discussion of the tax decree, the provision of penalties for those who did not accept card payments had been skipped with the consequence – critically remarked by Codacons – “that starting tomorrow to acquire Pos and accept or not electronic payments will still be at the discretion of the operator, and nothing will change compared to the past, considering that the Pos obligation has existed in Italy since 2014 “.
Bonus holidays, race to the Isee to take advantage of it. It does not apply to houses, even from agencies. Questions and answers
Holiday bonus via App: up to 500 euros until December 31st
Families with valid ISEE up to € 40,000 can request a QR code with the digital identity Spid and the IO public services App to be spent at accommodation facilities, agritourisms and b & b in Italy. A request can be made per family, but the use can also be made by a family member who has not made the request. The bonus is lowered: 500 euros for groups of at least three people, 300 euros for two and 150 euros for singles.
The bonus, which can be spent only in Italy and only in a single solution, is made up of two parts: 80% of it is collected by the family as a “discount” directly from the hotelier. In case you are entitled to a bonus of 500 euros, for example, 400 will be subtracted directly from the end-of-holiday account. The hotelier will then recover that amount in the form of a tax credit. The remaining 20% (the one hundred euros of our example) is instead discounted by the family as an Irpef deduction (which is why we must pay attention to the capacity).
Ecobonus and sismabonus: maxisconti for construction works
The maxi-tax credit at 110% for construction works for energy efficiency, earthquake-proof, installation of photovoltaic panels and charging columns for electric vehicles is also underway on July 1st, but with knots to be resolved at extra time. The conversion of the relaunch dl could modify some terms (probable the extension to all the second houses, while the one for hotels is in strong doubt and cutting the spending ceilings), which is why they delay the application clarifications that may need some week.
For the energy requalification, the base plant provides for the enhanced deduction for the interventions carried out from 1st July to 31st December which allow the improvement of two energy classes (or the achievement of the higher one, if the double jump was impossible): yes it concerns the thermal insulation of buildings and the replacement of heating systems. In the presence of these works, the other redevelopment interventions (such as fixtures) are also 110% incentivized. For the anti-seismic improvement interventions, the tax deduction rises to 110% as long as the buildings are not located in the seismic zone 4.
Dl Relaunch, invoice discount or tax credit transfer also for “old” building works
For this type of work, taxpayers can choose to waive the tax deduction (which is collected in five annual installments) in exchange for an invoice discount made directly by the company or the transformation into a tax credit to be transferred to third parties (such as banks) in an agreement that actually allows you to get the job for free. It is possible to transform the deductions into credits also in relation to the residual installments of “old” building works.
One hundred euros in the paycheck
Also in July, finally, another inheritance linked to the fiscal maneuver takes off, this time in the direction of wedge reduction. With the new month, the changes to the Renzi bonus of 80 euros come into force, decided with the Budget law for 2020 and the related tax associate. Employees will not have to do anything, the employers – in the role of tax substitutes – will regulate the payslips. For the eleven million workers who make up the audience of the former Renzi bonus (income from 8,174 to 26,600 euros), the monthly benefit rises from 80 to 100 euros.
The same amount delivered to the new group of beneficiary incomes, those up to 28 thousand euros: on balance, they are the ones who collect the biggest increase. From there to 40 thousand euros of income, the bonus turns into a decreasing tax deduction until zeroing: benefit decreasing between 480 and 80 euros for incomes up to 35 thousand euros, between 80 and zero for the last salary range. The relaunch decree clarified that the bonus (both Renzi and the new one) is also due to workers who are incapable of the lower labor income produced in 2020, due to Covid. The maneuver on the wedge affects 16 million workers with an effect of 7 billion and 458 million. .