New Fiscal Regulations

A few days after the Government declared a tax amnesty on the ‘not-short-of-a-bob’ tax dodgers with undeclared funds in overseas accounts, the Government has also announced that business owners can no longer accept sums of over 2,500 euros in cash. This second measure was meant as ‘persuasion’ to those that have such funds that it would be a good idea to go for the amnesty. And as a topping on the cake, a minimum of 10,000 euros as a sanction for hiding ‘wealth’ outside the country.

This 2,500-euro cash limit applies only to residents in Spain, as non-residents can use up to 15,000 euros… the Government is keen (but not effective) to avoid damaging the tourist industry.

As for residents, both parties in a cash transaction superior to 2,500 euros will be fined up to 25% of the value of the transaction.

(Note: The Seaside Gazette is not a financial consultant, nor pretends to be, so please seek professional advice if concerned over this news)

(News: Spain)

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