Saturday, July 20, 2024

What happens when a wire transfer is reported? Here is the answer


One of the first payment methods is represented by “no cash” for sure Transfer, that is, the electronic transfer of funds between two parties using an IBAN identification code (in Italy it is 27 characters). Once it has become an almost exclusive privilege of account holders, in recent years it has found new applications thanks to home banking as well, i.e. the ability to do banking directly from your smartphone/computer.

What happens when a wire transfer is reported? Here is the answer

Governments encourage the use of wire transfers because they are 100% traceable: this has clearly alarmed and alarmed in part a large part of the population, especially those who tend to make many “moves” from a financial point of view.

Bank transfer can actually be “reported” due to suspicious activities or in connection with amounts, even if there is no real “limit” regarding the amount of money that can be sent/received through electronic transfers (unlike cash payments, these are regularly limited) but If the tax authorities are not informed in a specific way about a certain passage of money, then the credit institution can report this to the Revenue Agency. However, controls are not made on every form of bank transfer, but rather they are discovered on a regular basis.

Basically, the agency asks the taxpayer about the nature of this transfer of funds through appropriate documentation, which proves the motive: if it does not happen, verification and planning of specific penalties are intensified, followed by a notification of assessment, without even asking for explanations. This is due to a simple fact: any form of “movement” of funds between two parties finds no “justification” or other explanation, interpreted by the state as tax evasion.

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If it is not possible to establish the “transparency” of these financial movements, the taxpayer can appeal to the judge, who will decide the possible nature of the transfers involved.


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