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Spain's Tax amnesty finds €40 billion

Source: El Pais - Thu 24th Jan 2013
Spain's Tax amnesty finds €40 billion

The controversial tax amnesty that was in place last year brought about €40 billion of assets to the surface that had previously been kept hidden from the Spanish tax authorities, Finance Minister Cristσbal Montoro told Congress on Wednesday.

The government had been looking to bring in €2.5 billion with the move through a 10% charge on what was declared, but only managed to swell the state's coffers by €1.193 billion.

That implied that those coming clean on undeclared assets and earnings paid under three percent to do so on average. This is because the surcharge was only payable on income from 2007 onward due to the statute of limitations on such matters.

Montoro insisted that the tax amnesty did not release anyone from criminal charges for any illegal activities in which they had engaged to obtain the assets in question.