The fine followed an investigation by the Spanish Tax Authority which found the footballer was using a UK company – Primesure Limited - to avoid paying taxes on his image rights in Spain.
According to El Mundo, the authority found Bale failed to pay £176,000 in tax in 2013. It then added a fine of £88,000 and interest of £33,000. The newspaper reported the player has already appealed.
Miles Dean, managing partner of Milestone International Tax, said the fine was further evidence that the Spanish tax authorities “simply ride rough shod over the rule of law”.
"As a UK citizen resident in the EU, Bale is perfectly entitled to use a company established in his country of domicile to hold and manage assets, in this case his image rights.
A representative of Bale has declined to comment.