Credit cards will also have a bonus

The incentive, which follows the one on the use of ATMs, was introduced by the Draghi government to encourage a further reduction in cash. Merchants who facilitate electronic payment tools will enjoy a 100% commission tax credit.

Digital payments, also accelerated by the pandemic, are growing more and more. On the other hand, the amount from which cash payments can no longer be made has gone from 3,000 to 2,000 euros from July 1, 2020, and starts to drop further up to a maximum of 1,000 euros from January 1. 2022. In this context, the Draghi government has decided on a new measure to reduce cash: a further credit card bonus.

The credit card bonus

The measure, which follows the ATM bonus, concerns merchants and businesses that accept traceable payments and bring benefits ranging from 160 to 320 euros. In concrete terms, it is a tool that brings the tax credit on commissions linked to traceable amounts from 30 to 100%.

Not only. This measure also applies if instruments are purchased, rented, or used that enable end customers to make electronic payments. All this, however, provided that the means for making the payment, in possession of the merchant, is directly connected to the cash register.

The target

All those who hold a VAT number and manage a business with the latest generation Pos can access the measure. The tax credit will be recognized to those entrepreneurs who carry out business activities, art, or profession, who purchase or rent any instrument from July 2021 until June 30, 2022, which allows customers to carry out electronic payments.

The value of the bonus

But what exactly is the bonus? The figure will be calculated based on the revenues and fees of the holder of the VAT number and will correspond to:

  • 10% of the amount spent for those with revenues of between one million and five million euros;
  • 40% of the amount spent for those with revenues between 200,000 and one million euros;
  • 70% of the amount spent for those with revenues of less than 200,000 euros.

If the instruments above are also introduced to transmit the same fees, the bonus will rise to 320 euros. In short, it is part of the case in which one can also benefit from the tax credit for fixed costs, such as the management and rental expenses of the Pos.

In this case, the maximum value per person on which to calculate the tax credit is 320 euros :

  • 100% for subjects whose revenues in the previous year do not exceed € 200,000;
  • 70% for subjects whose revenues in the previous year exceed € 200,000 and do not exceed € 1 million;
  • 40% for subjects who, in the previous year, had revenues between 1 million and 5 million euros.

The numbers

According to the Innovative Payments Observatory, in 2020, payments activated by smartphones or wearables in stores, despite the stops caused by the pandemic, exceeded 3.4 billion (from 1.9 billion in 2019).

Even if there was a drop in consumption of more than 13%, digital payments in 2020 reached 5.2 billion transactions in value, going from 29% to 33% of the total. The use of cards and ATMs (or enabled devices) has increased compared to loan cash, which is the most used means. In using digital tools, Italy is in 24th place on 27 EU countries, and the Italian average of digital transactions per capita remains at 77, against 387 for the Danish standard.