The Tax Agency is focusing its efforts on detecting tax fraud
The organization will be attentive to the movements of the bank accounts of Spaniards
The Tax agency is focusing its efforts on detecting tax frauds. In this context, the agency will be attentive to the movements of Spaniards’ bank accounts, especially transactions or income that involve a large financial amount.
That is why you must take into account what movements to make through the bank, and that these are in accordance with the law, to avoid a penalty of Tax authorities. In fact, the General Tax Law establishes the obligation of all banks, according to the article 93:
“To provide the Tax Administration with all types of data, reports, background information and supporting documents with tax significance related to the fulfillment of their own tax obligations or deduced from their economic, professional or financial relationships with other people”.
Tax authorities can fine certain economic movements. For example, if the origin of the deposit is not correctly indicated at the bank’s windowthe Tax Agency can sanction you with 2,500 euros. Also, in case of making a transfer of 10,000 euros without notifying the Treasurythe sanction can reach between 600 euros and 50% of the amount sent.
Finally, in case it is not possible to demonstrate the legitimacy of the incomethe Tax Agency can fine you with a penalty from 60,000 euros to a maximum of 150,000 euros.