500-euros

Tax authorities are asking the banks to step up their cooperation by reporting all transactions of €3000 or more suspected of being fraud, as well as providing detailed information of deposits and withdrawals of high denomination notes, particularly the €500 note.

Carlos Ocaña the junior finance minister, during a recent conference, confirmed that several new plans are being introduced to track down those guilty of tax fraud and will come into effect on 1st Jan 2009.

In a statement by Hacienda Director, Luis Pedroche, the time and money spent on the anti fraud campaign is proving to be very worthwhile, as for every euro that has been spent twelve euros have been recovered, that doubles the success rate of recent years.