New systems crack down on tax fraud in Spain

Technology implemented by the newly created Central Coordination Unit for the Control of Relevant Assets has led to huge improvements in the detection and prevention of asset fraud in Spain.

The new organization, part of the National Office of Fraud Investigation and the Tax Office, was set up in 2018 and has already seen marked improvements, liquidating over €347.5 million in 494 separate investigations in the first year.

The new system is designed to alert the authorities of hidden assets and rights and undeclared income. It can also monitor large assets and alert if anything suspicious is detected.

The total number of taxpayers currently being monitored across Spain is 170,000.

According to stats provided by the group, large scale fraud can now be detected in under 45 minutes.

According to the Credit Suisse Global Wealth Report 2018, Spain holds 2 per cent of the world’s richest people including 852,000 with over a €1 million.

Experts estimate this figure to increase to 1.2 million in the next 4 years.