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Spain may chase tax cheats with Swiss funds

Spanish investigators have given Spanish citizens suspected of using Swiss accounts to evade taxes an ultimatum to come clean, Madrid-based media have reported.

This content was published on June 24, 2010 - 09:00

In an online edition of newspaper Expansión published on Wednesday evening, Spanish financial authorities say they suspect some 3,000 citizens have hidden up to €6 billion (SFr8.16 billion) in Swiss accounts. They have until the end of June to pay taxes owed, including interest and fines.

The newspaper El País has also reported on the ultimatum. The reports said Spanish authorities found out about the suspected tax evasion through French authorities.

Tax authorities in Madrid would neither confirm nor deny the reports. Spain is currently wrestling with high debt and has stepped up its fight against tax evasion.

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