Mallorca €6m land sale leads to €1.35m tax trial

Mallorca, in the Balearic Islands: a €6 million sale of six plots has brought a company director to court over an alleged €1.35 million unpaid tax bill. His trial begins in Palma at 10am on Tuesday, 27 October. Prosecutors say the bill stems from the company’s 2018 corporation tax.

The company bought the plots in 1995 for €138,232 and sold them to another company in December 2018. Prosecutors say its sole director, who owns half its shares, did not file a corporation tax return for that year despite the profit from the sale and further property purchases. Spain’s tax agency checked the case and found €1.35 million unpaid.

Prosecutors are seeking a four-year prison sentence for the director and a €2.7 million fine for the company.

Topics: Court cases · Economy

Source: Europa Press / Mallorca.com