Sanchez was charged with defrauding the treasury of €983,000 (£874,000) from 2012 to 2013.
He reached an agreement with the prosecutor to pay the money he owes with interest and will avoid serving any time in jail, as is the case in Spain if the sentence is less than two years.
Sanchez is believed to have used an offshore company based in Malta to receive payments for his images rights.
He is not the first player to be involved in tax fraud allegations while playing for Barcelona. Last year Barcelona striker Lionel Messi and his father were found guilty of three counts of tax fraud. Messi was given a 21-month suspended prison sentence and fined €2m.