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Firmalex > Business consultancy > The new anti-fraud law in Spain: Cash payments

Cash transactions may not exceed 1,000 euros. On 11 July last year, new regulations came into force that set new limits for cash payments. Self-employed persons and SMEs are among the main parties affected.

The Official Gazette published the regulation that can sanction those who continue to receive amounts of more than 1,000 euros for payment of services or products.

This rule applies regardless of whether the payment is made in euros or foreign currency.

This means a lower limit for cash payments of 1,500 euros. Previously, up to 2,500 euros could be paid in cash if the transaction involved a trader or freelancer.

If, on the other hand, it is a transaction between two individuals, the limit remains at 2,500 euros.

Upper limits for salary payments

There are also restrictions on payments to individuals who are not resident in Spain and are neither self-employed nor owners of a business. Previously, the limit for cash payments could be up to 15,000 euros, but now it is set at 10,000 euros.

The limits set must also apply to cash payments of more than 1,000 euros gross. The same applies to other items such as allowances, supplements or promotion.

The BOE points out that the Ministry of Finance could impose a number of sanctions if the new rules are not complied with. If the tax authority detects deception, the professional who commits the offence will be subject to a severe penalty. Thus, it is established that 25% of the assessment base of the penalty will be applied, which corresponds to the amount of the cash payment. In the case of a payment of 2,000 euros, the penalty is 500 euros.

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