Cash no longer king for Spanish companies

THE Spanish government has given the green light to a new law banning companies making cash payments of over €2,500.

However curiously non-resident foreigners can use up to €15,000 in cash in the new crackdown on tax evasion.

Under the new law individuals and companies will also face sanctions for failing to declare all assets held overseas.

The tax office hopes the new measures, which will come into effect next year, will encourage taxpayers to qualify for the tax amnesty.

Individual and corporate taxpayers have until November to voluntarily disclose unreported income or assets by paying a special 10 per cent levy.