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It has been talked about since the politically distant times of the discussion of the last budget law. Now, the idea of introducing the cash back mechanism to encourage electronic payments, with credit and debit cards, is back on the government table. Which aims to introduce the bonus from December 1. The main objective is to reduce tax evasion and for this we are thinking, therefore, of returning a substantial amount to citizen-consumers.
In order to obtain the bonus, there will be two essential criteria, in addition to having to pay without cash: on the one hand a spending threshold and on the other a minimum limit of operations to be carried out, a restriction designed to encourage the use of cards even for small purchases. (This is a very widespread practice in many European countries, not in Italy, where those who ask to pay for a drink of a few euros with an ATM are seen as aliens). The bonus could represent 10% of the expenditure incurred, so in the case of the 3,000 euro threshold we would be 300 euros in returns. Hypothesis, for now only hypotheses.
A tax credit is also being considered for commissions paid by small merchants as of July 1, 2020.
Bonus for those who pay with cards and ATMs: how it works
A bonus for all consumers can be good for the economy. Doing it from December 1 is more of a guess at this point. Get cash, up to € 300 a year, for documented expenses of up to € 3,000.
“It is the heart of the money-back plan that the Ministry of Economy is studying, he writes today The impression – with the aim of discouraging the use of cash and reducing part of the tax evasion mountain of € 109 billion.
In detail, the provision could contain a tax credit for commissions paid by small merchants in force since July 1, tax deductions only for services paid with electronic money and a tax exemption for those who use electronic food vouchers, in addition to ‘Reduction of the threshold for cash payments of 3,000 to 2,000 euros until December 31, 2021. As of January 1, 2022, the limit should drop to 1,000 euros. The goal is to encourage the use of ATMs as much as possible, even for minor expenses, perhaps by inserting a minimum purchase threshold to pay with the card. Despite the opposition of small traders (who often have to face commissions and management costs that are difficult to bear).
Two days, Prime Minister Giuseppe Conte met with operators in the sector to discuss the Italia Cashless project: we are moving forward at a rapid pace.
Because the government relies heavily on the ATM voucher
The net increase in online purchases in recent months, especially during the blockade, has led the government to go more strongly in this direction, says Patrizia De Rubertis in Daily occurrence. However, the gap with other countries remains: with us, one payment in 4 is still made in cash and Italy is the third in terms of number of payments with Pos in Europe. In the world, we are among the 30 economies with the highest incidence of cash in GDP.
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“With the cashback, it is foreseeable that the growth of electronic payments will double from 10 to 20% and even more”, explains Alberto Dalmasso, CEO of Satispay, who will meet with Conte and the other operators already at the end of September. The roadmap is complex: the objective is for the tests to be operational as of November, while the government is finalizing the decree to implement the plan pending the approval of the Privacy Guarantor for the interlocking of the flow of payments.
