Instant SEPA Credit Transfers – Limits on the Use of Cash – Catastrophe risks insurance – Penalty for False Declaration – IMU Penalty

Instant SEPA Credit Transfers

As of January 9^th, as required by the European Instant Credit Transfer Regulation, it becomes mandatory for all banks in the euro area, that offer the ordinary credit transfer service in euro, to their customers to accept instant credit transfers in euro. Moreover, the fees charged on instant credit transfers may not exceed those charged – for the same channel – on ordinary credit transfers.
Please note that the instant SEPA transfer is credited in a few seconds and is not revocable.

As of October 9^th 2025, it will be possible to perform instant euro credit transfers from all payment accounts and through all the device channels through which ordinary euro credit transfers can be initiated, such as home banking, mobile banking, ATMs, self-service terminals, branches or telephone.
Furthermore, in order to prevent possible cases of error or fraud that could result in a credit transfer – instant or otherwise – being sent to an incorrect beneficiary, the beneficiary verification service will be activated.

Limits on the use of cash

Please note that it is possible to make cash payments within the limit of EUR 5,000. The limit applies not only for payments between private individuals for the purchase of goods and services, but also for loans between relatives.

Transfers exceeding the EUR 5,000 limit must be made exclusively through banks, Poste Italiane S.p.a., electronic money institutions and payment institutions.

For violations committed and contested on or after January 1^st 2022:

• for amounts up to EUR 250,000, a fine ranging from EUR 1,000 to EUR 50,000 shall apply;
• for amounts exceeding EUR 250,000, a penalty of between EUR 5,000 and EUR 250,000 applies.

Catastrophe risks insurance

The so-called “Milleproroghe” decree-law contains the postponement of the deadline for complying with the obligation to underwrite a policy against ‘catastrophe’ risks, now postponed to March 31^st 2025. The obligation had been introduced by the 2024 Budget Law (Article 1 paragraphs 101 – 111 of Law 213/2023), and initially indicated as December 31st 2024.

Active repentance on false declaration

The Supreme Court of Cassation, in its recent ruling No. 4187, ruled that if the taxpayer acknowledges an infringement for an unfaithful declaration by submitting a supplementary declaration, no penalties may be applied for the late payment of the advance payments resulting from the same declaration.

This decision is in line with the most recent orientation of administrative practice. In fact, in Circular No. 42/2016 of the Revenue Agency, paragraph 3.1.2, it was clarified that ‘the case of insufficient or omitted payment of the advance payment is perfected only with the futile expiry of the deadline for payment itself and is autonomous with respect to the declaration that simply determines the amount’.

IMU repayment by the end of February

December 16^th 2024 was the deadline for the payment of the balance of the 2024 Real Estate tax (IMU) as a balance to be paid with respect to the advance instalment, paid by last June 2024. Among the most frequent errors regarding payment of the local tax, there is certainly that of counting the tax due, for example, in the case of a property purchased during the year and not a first home: the error is repayable with reduced penalties within February.

Also due by February is the payment of the so-called “mini IMU”, i.e. the difference between what was paid last year based on the 2023 rates and the amounts due for any increases dictated by the 2024 resolutions exhumed by the Milleproroghe Decree.