Treasury takes action for 2024 and it will never be the same

It seems that everything is over for Bizum in Spain: this news has worried many. Today, almost everyone makes payments online and many use this platform.

But with Bizum everything was simpler, because they could send and receive money from one mobile phone to another in a few minutes. But with the new changes that the Treasury has set out, things won’t be the same as before.

New Treasury measures for Bizum in 2024

Since entry into service Bizum, in order to protect users, has established some restrictions. However, banking institutions also have the right to set their own restrictions.

  • Let us clarify that Bizum has not yet set any restrictions on the number of transactions that can be made by the same client.
  • The main restrictions relate to the amounts or amounts of each of the transactions carried out.
  • You can make transactions daily, the total amount of which does not exceed 2000 euros, and per month The transaction limit amount is 5000 euros.

This was what Beesum initially set, but the Treasury added additional restrictions for 2024:

  • The single limit that will come into effect in 2024 for daily transactions through this platform is 3000 euros.
  • The reason for these changes is to ensure that there are no illegal transactions through it, as well as to unify restrictions that previously varied depending on the banking institution.
  • Another one of Treasury changes on Bizum, is that by 2024 you will have to include all transactions you make through the platform on your tax return. However, this is not mandatory for everyone.

When should movements made in Bizum be declared?

The Treasury sets out 3 situations in which execution declaration of movements made with Bizum.

  1. According to the provisions of the General Tax Law, you will have to declare when you carry out transactions totaling more than 10 thousand euros per year. If you do not comply with this, you may receive a fine from the Tax Agency, which is located approximately 000 euro.
  2. The second situation occurs when a Bizum user receives income or makes any transaction that generates profit.
  3. Lastly, when a company uses this platform as a fundraising method, it will have to declare the income it generates through said funds.

However, the Treasury reserves the right to monitor the movements made by users. And if you find any suspicious transaction, you will have to report it to the bank.

Sanctions imposed by the Ministry of Finance

The fines that the Treasury can set for users who have not declared income range from 600 euros to 50% of the transfer amount.

In cases where the user refuses to provide information such as the origin of the money, the Treasury will impose fines ranging from 60 thousand to 150 thousand euros.

Why might Bizum transactions be cancelled?

Bizum controls ongoing transactionsand if it finds a word or concept that does not comply with company policy or that appears illegal for any reason, the platform will cancel it.

And if the concept passes the filter, but the deal still looks dubious, Bizum can reverse movement did and started an investigation into this matter.

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