The Treasury will also monitor the 'bizums' you send and receive.

BarcelonaA few months ago it became known that the citizens of Spain are some of the users who use the Bizum application the most to make instant transfers from all over the world. Due to the increased use of this app, the Treasury is putting its focus on banking transactions made through Bizum by adding new controlsThe latest development from the Tax Agency is the tracking of all transactions, regardless of the amount involved, which represents a radical change in financial control.

Although this change will not entail an increase in administrative procedures—since these reports are automatically sent to the Treasury each month—it must be taken into account that it will not only affect entrepreneurs or transfers of large sums, but also individuals with recurring economic activities. The objective is clear: to detect economic activities that previously escaped the radar and, therefore, reduce the volume of money moving in the underground economy.

How to justify your transactions and avoid penalties

The transactions that will raise red flags are recurring transactions, with unusual patterns and unclear transfer concepts. Therefore, from now on, it will be important to use concepts that don't raise doubts and keep supporting documents for transactions that could be considered economic activity. This also includes transfers made for the purchase of products online, such as those made to buy or sell through Wallapop.

Until now, banks were required to report all transactions carried out through Bizum if they exceeded €3,000 per year, but this limit will no longer be the limit, as the Treasury will also take into account transactions involving smaller amounts. This does not mean that every transaction will be automatically investigated, but it is true that the Tax Agency will have the power to investigate unclear transfers.