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Spain considers how to bring the 500 Euro notes into the banks
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By h.b. - Oct 6, 2008 - 6:45 AM
The plan to offer a fiscal amnesty to those who used the notes to previously evade tax has split the Spanish cabinet.
The Government is reported to be studying a plan to offer tax breaks to those who reveal the black money they have previously obtained in real estate deals. It’s the Government’s belief that the strength of the black economy in Spain, as indicated by the number of 500 € notes in circulation, is the secret weapon which some think shows the strength of the economy.
El Mundo reports that the cabinet is split on the plan to try and get some of the 108 million 500 € notes currently in circulation into the banks. It’s a total amount of more than 54 billion € and its entry into the banks would certainly improve liquidity for Spanish banks and Savings Banks.
The Prime Minister is reported to back the idea, but Pedro Solbes and the Bank of Spain are said to be against as it would in effect be a fiscal amnesty for opaque and illegal real estate transactions previously carried out across the country.
Meanwhile a survey in Público newspaper this morning has revealed that the Spanish people are in favour of the state helping out banks in the face of a crisis, but not of helping out real estate companies.
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Spain considers how to bring the 500 Euro notes into the banks
larger | smaller
By h.b. - Oct 6, 2008 - 6:45 AM
500 Euro notes - Archive Photo EFE
The Government is reported to be studying a plan to offer tax breaks to those who reveal the black money they have previously obtained in real estate deals. It’s the Government’s belief that the strength of the black economy in Spain, as indicated by the number of 500 € notes in circulation, is the secret weapon which some think shows the strength of the economy.
El Mundo reports that the cabinet is split on the plan to try and get some of the 108 million 500 € notes currently in circulation into the banks. It’s a total amount of more than 54 billion € and its entry into the banks would certainly improve liquidity for Spanish banks and Savings Banks.
The Prime Minister is reported to back the idea, but Pedro Solbes and the Bank of Spain are said to be against as it would in effect be a fiscal amnesty for opaque and illegal real estate transactions previously carried out across the country.
Meanwhile a survey in Público newspaper this morning has revealed that the Spanish people are in favour of the state helping out banks in the face of a crisis, but not of helping out real estate companies.
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Readers' comments:
Pops
06 Oct 2008, 21:47
06 Oct 2008, 21:47
There's no escaping the fact that Mr Bean doesn't have a clue. What about
an amnesty for those who can't afford a week's groceries now? Forget them.
Instead, he'll let those with illegal cash keep all their illegal cash,
only in a bank account now. Where I come from, he'd be called a wanker.
tom
07 Oct 2008, 08:17
07 Oct 2008, 08:17
stop 500 euros notes being legal tender! here in my poor working class
family village most people I know have never seen one let alone try to
change one and with one months grace to declare and pay these notes into a
personal bank account with everything over 6000 euros to be reported to the
tax authorities.
Please keep to the subject. Opinions published here are of our visitors, not the Typically Spanish team. Comments which go against Spanish laws or which are libellous are not allowed. We reserve the right to delete any comment we wish.
Por favor, céntrate en el tema. Son las opiniones de los internautas, y no las de Typically Spanish. No está permitido verter comentarios contrarios a las leyes españolas o injuriantes. Reservado el derecho a eliminar los comentarios que consideremos fuera de tema.
Por favor, céntrate en el tema. Son las opiniones de los internautas, y no las de Typically Spanish. No está permitido verter comentarios contrarios a las leyes españolas o injuriantes. Reservado el derecho a eliminar los comentarios que consideremos fuera de tema.
