Another New Way to Control Tax Fraud – Cash Registers

Well, it seems that the Tax Agency in Spain is never going to give up in its fight against tax invasion and fraud. And it seems that every day officials are coming up with new and baffling inventions for how they are going to go about their task.

Hacienda’s latest target is the small and medium business, and in particular their cash register.

 

Yes, the tax office is pulling out all the stops and is trying not to leave any stone unturned. It has now come up with a plan to investigate and find out all the information related to the production and sale of a product – starting right from the beginning and finishing right at the very end.

The objective – to curb sales that aren’t put through the books.

This means that the Tax Agency is on the lookout for all those sales that aren’t declared to Hacienda, and therefore where VAT is not paid and profits do not feature on the personal income or corporate income tax declarations.

For this officials and investigators will be keeping a close eye on how much companies pay out and take in, especially when it comes to selling to the public.

The director of the Tax Agency, Santiago Menéndez, has already stated that officials not only have access to new sources of information, but they are also taking advantage and making the most of new technologies that are helping them in their search for those who are committing fraud.

The tax office has said that there will be a greater control over businesses accounts, their computer programmes and methods of payment – including their cash registers.

Hacienda is reluctant as yet in giving details but it is thought that the way in which companies present their quarterly declarations will change.

It has already been reported that inspectors will really be cracking down this year on company accounts and the falsifying or hiding of details. For this task, specialised auditors have even been employed. Those businesses that appear to be foreign, but which in reality are not, and which should be paying all of their taxes in Spain, are also a major focus.

And, to top it all off, Hacienda has devised a new plan allowing those employees that want to work extra hours to do so – if it means that more hours will be spent on breaking the black market and recuperating lost money.

This year the tax office has a target of generating an extra 1.6 billion euro.

Source: www.cincodias.com