Spain's New Tax Law: Fines Up to €150,000 for Undeclared Wedding Gifts

Spain's New Tax Law Targets Wedding Gifts and Family Transfers: Fines Up to €150,000 Spain is implementing a new tax law that could significantly impact those receiving substantial gifts. The law targets unreported gifts received at weddings or from family, imposing fines of up to €150,000 for non-compliance. This measure aims to increase control over financial transactions and prevent tax evasion, according to government sources. "Hacienda (the Spanish tax agency) is starting to fine people who receive gifts at weddings and from family without declaring them," explains a popular social media influencer in a recent video that has gone viral. The video highlights the potential financial consequences and has sparked widespread discussion among Spanish citizens. The new regulations stipulate that any monetary gift exceeding a certain threshold, even from family members, must be declared. Failure to do so will result in substantial penalties. This has led many to seek alternative methods of financial transactions to avoid the new taxes. While the government aims to increase transparency and tax revenue, the law has raised concerns among some citizens regarding privacy and the potential for overreach. The new law will take effect in 2026, and the Spanish tax agency will have access to all Bizum transactions to monitor compliance. The situation remains fluid, and it is recommended that citizens consult with tax professionals for proper guidance. The government hopes that this law will encourage greater financial transparency and fairness within the Spanish tax system.