By Euro Weekly News Media • 22 December 2022 • 10:25
In many ways, this suits large organisations better as their risk of theft either by staff or robbery as cash is transported to banks is greatly reduced.
For smaller businesses, however, there seems to be a groundswell of preference for payment by cash as it is immediate and saves bank charges as well as making ‘cash flow’ more immediate.
In Spain, the government has upset the European Union by passing a law that means that it is illegal to make a cash payment of more than €1,000 for any service provided by or involving a professional company.
Clearly, this is to cut down on the so-called black economy where work is undertaken without charging VAT or declaring the income for general tax purposes, in addition, it makes it just a little more difficult for money launderers to dispose of cash.
On the other hand, there is another law that means that all businesses are required to accept payment in cash up to the allowed level.
Some want to see a cashless society but no matter how honest you are, not everyone wants to have ‘big brother’ recording every transaction they may make as they see this as yet another example of government snooping.
Hopefully, the day will never come when cash disappears completely.
Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories. Remember, you can also follow us on Facebook and Instagram.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you donâ€™t already have one. Review our
Share your story with us by emailing email@example.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
Download our media pack in either English or Spanish.