Shakira Settles Tax Fraud Case with Spain, Pays Fine and Avoids Priso |

Shakira decided not to fight the fight in a courtroom in Spain ... she has settled her tax fraud case with the government and agreed to pay millions in fines.

She cut a plea deal in the case after failing to pay $15.8 million in taxes between 2012 and 2014 -- the singer is set to receive a suspended 3-year sentence and a fine of $7.6 million ... as well as the taxes, plus interest. All told, she's in for about $19 million now.

Shakira showed up for the trial Monday in Barcelona, but before anything official happened the parties announced a settlement.

The fine is actually somewhat of a victory for the singer ... prosecutors wanted more than double that. Also, she can certainly afford it ... her net worth is significantly north of $200 million.

11/20/23 SHAKIRA IN COURT

Shakira seemed upbeat when she entered the courthouse ... blowing kisses to her fans.

As for why she settled, she said in a statement it was "to spare my children seeing their mother sacrifice her well-being."

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Shakira Prosecutors Want Her to Serve 8-year Prison Sentence in Tax Fraud Case

She went on ... 'I admire tremendously those who have fought these injustices to the end, but for me, today, winning is getting my time back for my kids and my career."

She's still pissed, going after the Spanish government for targeting athletes and other high-profile folks.

Gallery Launch Gallery Shakira Through the Years Launch Gallery Getty

The judge asked her if she accepted the charges against her and she simply said, "I do." The judge said the fine would end the case ... i.e., no prison time.