Income 2023-2024: Tax obligations for payments made by Bizum
There are concerns and speculation among users about the use of Bizum, causing confusion and concern. Some fear that transactions made through this app are opaque or could result in financial penalties.
As the tax filing season approaches, the Organization of Consumers and Users (OCU) clarifies which payments through Bizum must be declared and which are exempt from this obligation. According to the organization, "Bizum is simply another payment method, similar to conventional bank transfers, and the need to declare or not will depend on the type of transaction."
On the one hand, the OCU points out that payments of small amounts are not usually problematic. These payments are usually part of a process in which money is advanced to simplify collective payments, and participants repay small amounts accordingly. In these cases, the OCU considers it "highly unlikely" that the Treasury will investigate this type of transactions.
However, the organization warns that large or recurring payments can attract attention. In addition to the aforementioned uses, some users use Bizum to receive significant sums of money or for frequent transactions. This mainly occurs in two situations:
1. When Bizum is used to charge clients, such as self-employed workers. According to the OCU, this income must be declared in personal income tax as part of the income generated by professional or business activity.
2. When Bizum is used to receive regular payments, such as the monthly rent of a property. In this case, the OCU indicates that these payments must be treated as income derived from real estate capital returns and must be properly declared.
