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The inquirer asks whether withdrawing cash from their account to keep at home and make payments has tax implications. The DGT responds that the act of withdrawing and spending the money does not affect Personal Income Tax, but warns about the need to prove the origin of those funds in the future.
Question posed: The tax treatment, under Personal Income Tax, of the withdrawal and the use of said money for making payments is consulted.
The withdrawal of cash and its subsequent use for investments or payments has no implications for Personal Income Tax, as the taxable event is the acquisition of income. Nevertheless, the taxpayer must be able to justify the origin of that money through means of evidence if it becomes necessary to determine the source of the funds applied in future operations.
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