TAX NEWS - 2010

Spain Tax Authorities Chasing Swiss Bank Account Holders For Tax Evasion

Madrid, Spain -- Spanish authorities are investigating 3,000 Swiss bank accounts for tax collection purposes.

Economy Minister Elena Salgado made the announcement Thursday but didn't reveal any other details. Reportedly, the accounts in question are valued at 7.4 billion dollars and most of the account holders are suspected of tax evasion.

Spain tax officials said they won't take legal action against those who address the issue and pay their taxes retroactively.

Spain learned of the bank accounts from French authorities under an exchange of tax information as part of the Organization for Economic Cooperation and Development.

Salgado also vowed to chase tax dodgers wherever they might go. "We are perfecting information-sharing mechanisms with what used to be uncooperative jurisdictions... the countries of the world are determined to do away with tax havens," she said.

Spain is elevating its ongoing fight against tax evasion in an effort to cut its budget deficit of 11.2 percent.