Obligation of the Bank entities to report to the Tax…
Posted on Jul 07, 2020
Beyond the regular annual communications, the Law establishes that banking entities must inform the Tax Agency, when some type of transactions are made; Measures being implemented in relation to the fight against fiscal fraud and the prevention of money laundering, that are constantly being monitored by the Spanish Tax Authorities.
The total amount of the transaction and/or the means of payment determine the obligation of the banking entities to report to the Tax Agency.
As reference, see an informative reporting table below:
Type of Bank Operation
|500.- euros||All transactions made with 500.- euros banknotes, regardless of the amount of the operation|
|3,000.- euros||Transactions higher than 3,000.- euros provided they are made in cash|
|6,000.- euros||Loans and credits in excess of 6,000.- euros|
|10,000.- euros||Any type of operation higher than 10,000.- euros|
The banking entities will report about the individuals performing the bank operations, the total amount of the transaction, as well as, the bank account number and holders.
Such details will not only be available for the Spanish Tax Agency; actually, any EU state can cross-check the information about residents abroad. In this way, it is easier to prosecute tax fraud within the EU, likewise countries with whom Spain maintains collaboration agreements.