The Tax Agency is targeting both residential and holiday rentals.

24-05-2017Archive

The Tax Agency raised 323 million euros from the Balearics last year as a result of tax fraud campaigns. This amount was nine per cent higher than in 2015 and, more significantly, 58% higher than in 2011.

Last year, there was particular emphasis on tackling the black economy in sectors considered to be particularly "risky" in tax terms, one of them being rented accommodation. During the year there were 250 visits by inspectors, 180 of which were for rentals, both residential and tourist. The number of visits represented a 10% rise over 2015 and a doubling of the number in 2014.

The inspectors will be doing much the same this year, so will be turning up at properties and checking that owners are declaring rental income. The agency is treating rental accommodation as a "strategic" element in its fight against tax fraud.

In all, there were over 3,100 inspections for possible tax fraud in 2016. Of these, 476 involved large companies, an increase of almost a quarter.

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