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Business

Spain’s Black Money Whitewash

As Hacienda, the Spanish tax authority, continues to chase ‘the little man’ with more enquiries, inspections, taxes and IVA, what news of those millonarios who keep their money in Offshore Tax Havens?

A fiscal amnesty put into place in June by the Government to bring back money stashed offshore with a flat 10% tax on the entire sum returned and reported was looking like a flop after only 6% of the estimated 2,500 million euros of the expected surge of money had in fact shown up by late October.

An estimated figure (when was it ever anything else?) of 71.7% of all money which eludes the Spanish Tax-man is said to come from grandes fortunas y corporaciones empresariales – the über-wealthy and large companies. Despite this, it is reported that Hacienda prefers to spend most of its energies on investigating the self-employed, small companies and ordinary private-sector employees.
According to…

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About Nicholas Maithya

I am a writer focussing on disruptive technology, Fintech, Big Data and Internet of Things, Online Marketing trends, and investments. When I am not writing about these, I am probably in the gym working out, out and about with family, watching the news (basically business/technology) or soccer. That's why I do sometimes cover soccer-related stories.

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