The court heard that Sanchez set up a company called Numidia Trading in Malta to avoid paying the tax between 2012 and 2013, having moved his earnings from a Chile-based company called Inversiones Alsan.
The Chilean is the latest in a long line of football stars to be pursued by Spanish tax authorities over their image rights, with Lionel Messi, Cristiano Ronaldo, Jose Mourinho and Ricardo Carvalho all being investigated.
The Chile worldwide is the latest high-profile player associated with LaLiga to have been punished for tax fraud over recent years.
"The issue for me is whether they are going to be allowed to be more aggressive".
While he enjoyed a fine debut, Sanchez failed to make an impact on his Premier League bow for United in a disappointing midweek 2-0 defeat to Tottenham.
But the Beckham Law was scrapped in 2010 for annual salaries of over £530,000 (€600,000), and Spanish tax inspectors are now far more aware of complex financial operations involving offshore accounts to get around tax laws.
As he is a first-time offender and his sentence totals less than two years, the punishment will be suspended.
Mascherano, meanwhile, was given a one-year prison sentence and a €800,000 (£611,000) fine in 2016.
In potentially the largest case, Spanish authorities are now investigating World Player of the Year Cristiano Ronaldo of Real Madrid for tax fraud amounting to €14.7 million.