why do you have to declare “large” sums of cash money crossing over borders?

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I put large in quotes because rules vary, but it seems if I have alot of cash and want to travel and spend it somewhere I should be able to take it with me.

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Anonymous 0 Comments

You need to pay taxes on all your income. If you have not paid taxes on your income then it can be hard to spend the money domestically without the tax office finding out. To get around this people do take their cash abroad in order to spend it there. This way the tax auditors have a much harder time tracking their expenses and they can get away with tax fraud. And that is why you now have to declare any larger sums of cash when going abroad. They have to check that you paid your taxes.

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