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Spain to chase tax from Swiss accounts

Thu 24th Jun 2010

Tax Inspectors in Spain have given those suspected of using Swiss accounts to evade taxes an ultimatum to come clean, Madrid-based media have reported. In an online edition of newspaper Expansión published on Wednesday evening, Spanish financial authorities say they suspect around 3,000 citizens have hidden up to €6 billion in bank accounts in Switzerland. They have been given until the end of June to pay taxes owed, including interest and fines.>

The newspaper El País has also reported on the ultimatum. The reports said Spanish authorities found out about the suspected tax evasion from authorities in France.

Tax authorities in Madrid would neither confirm nor deny the reports.

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