You have probably used the Bizum tool on more than one occasion when accessing your digital banking. This service, which allows you to send and request money quickly, is one of the most popular and recurring forms of payment in our country, and now, the Treasury reminds us thatBizum payments made must be declared, depending on the amount and the activity they correspond to.
Although this instant payment tool is only valid for transfers to and from a Spanish IBAN, as it is not available for making international payments, it is increasingly popular as a payment method among self-employed workers and small businesses in our country due to
It is important to note that certain payments received through Bizum may require declaration in Income Tax, depending on the amount and the activity in question. For all these reasons, the Tax Agency insists that all income generated by economic activities must be reported for tax purposes.
Are Bizum income subject to tax control?
As a general rule, if Bizum is used to make occasional payments between family or friends , these transactions are not subject to taxes and are considered classic bank transfers. However, income received bolivia whatsapp data through Bizum may be subject to tax control. The income limits to be declared depend on the type of relationship that exists between the sender and the recipient of the money , in addition to the amount. For all these reasons, it is important that people who have received income through Bizum are aware of their tax obligations and correctly declare their income in their income tax return if required.
When should I declare the money received through Bizum?
But then, do you have to declare the money received through Bizum? The truth is that there are three situations in which the income received through this service must be declared . We will tell you about them:
If you are self-employed or a company and you use Bizum as a payment method within your economic activity, you should know that it is mandatory to reflect it in the income tax return as income from economic activities. That is, as if the payments had been made through a bank transfer.
If the recurring income received through Bizum exceeds a certain economic profitability, it must also be declared. For example, if you rent a parking space and receive payments through Bizum, you must declare the income in your income tax return.
If the payments received through Bizum exceed 10,000 euros per year , you must also reflect this in your income tax return.
What happens if you don't declare Bizum in your tax return?
If you do not declare the income received through Bizum in your income tax return, provided that it is required, you could incur a tax violation that could lead to penalties and surcharges from the Tax Agency.