FISCAL REFORM

Cabinet tightens the screw on tax dodgers

Government hoping draft law on tax fraud will bring in 8.171 billion euros this year Bill removes the statute of limitations in cases of undeclared income Cash payments in commercial transaction to be limited to 2,500 euros

Madrid -

The government on Friday unveiled plans for preventive embargoes of suspected tax dodgers to prevent them from making off with their assets and declaring themselves insolvent to avoid having to settle up with the taxman.

The measure was included in a draft law on tax fraud approved by the Cabinet, which the government hopes will bring in 8.171 billion euros this year. Deputy Prime Minister Soraya Sáenz de Santamaría said that there are cases pending seeking the payment of six billion euros in unpaid taxes.

The bill also removes the statute of limitations in cases of undeclared income. Other aspects of the proposed legislation include limiting cash payments in commercial transaction to 2,500 euros, with the exception of visiting tourists, where the limit will be 15,000 euros. It also includes an amnesty for those declaring black-market money.

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