SPAIN is one of 51 countries to have signed up to an agreement to help clamp down on international tax dodgers.
The Spanish government has signed up to a programme initiated by the Organisation for Economic Cooperation and Development (OECD) in which participating countries will share economic data in an effort to stamp out international tax evasion.
Banks will have to share all financial information to other countries on an annual basis, in a move that finance officials have praised as a major step in ending the role of banks in tax evasion.
The new agreement will not be implemented until 2017, but its presence will make it much more difficult for individuals and corporations to dodge tax. The UK has signed up to the agreement, as has renowned tax haven Switzerland.
British finance minister George Osborne said: “Tax evasion is not just illegal, it is immoral. You are robbing from your fellow citizens and you should be treated like a common thief.”
The agreement is likely to make tax evasion much more difficult for international property buyers, but officials pointed out that it will not completely stamp out tax evasion.
“The risk of being found out becomes very high,” said German tax minister Wolfgang Schaeuble. “But as long as people exist, they will not obey the law. They’ll work out new ways to dodge taxes.”