Taxi Driver Wins Spanish Lawsuit on Disclosing Foreign Assets
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A retired taxi driver won a partial reversal of penalties and back taxes of 442,000 euros ($494,000) imposed by Spanish tax authorities for missing a deadline to declare just 340,000 euros in assets held abroad.
In a first-of-its-kind judgment for Spain, a Madrid court ruled that because he disclosed the once-hidden wealth voluntarily, albeit late, there were grounds to nullify the fine. A 188,000-euro bill for back taxes remained in place.