The March 31 is the deadline for the submission of the Informative Declaration of Assets and Rights Located Abroad (Form 720) for the year 2015.
Please note that the taxpayers who made the statement the past year, will have to submit it again whenever:
- There has been an increase of 20,000 euros in one of the three blocks grouped the required goods to declare, this is from the last statement:
- The accounts relating to financial institutions located abroad.
- Securities or rights, the shares, life insurance or disability and income located, all of them abroad.
- Real estate and rights on them located abroad.
- If any of the previous block was declared and never exceeds 50,000 euros in stocks or securities 31/12/2015, average balances for the fourth quarter or acquisition values of the different types of goods.
- In any case, in subsequent years will be required submission of the statement for goods already declared and for which the taxpayer loses the condition determined at the time the obligation to declare.
Remember that, as a rule, they are required to make a Informative Declaration of Assets and Rights Located Abroad, physical and legal persons and entities below and are holders of assets and rights located abroadto determine the obligation of filing:
- Legal and physical persons resident in Spanish territory
- Permanent establishments in the territory of non-resident persons or entities.
- The entities referred to in Article 35.4 of Law 58/5003, of 17 December, General Tax (recumbent inheritance, community property, etc. … refers)
- Holders of goods and representatives, authorized beneficiaries and persons with powers of disposal.
Form 720 must filed electronically through the Internet, well made by the respondent himself or by a third party acting on their behalf. Not doing so leads to the following sanctions
- In the case of breach of the obligation to report accounts credit institutions located abroad, the sanction shall be a pecuniary fine of 5,000 euros for each item.
- The penalty shall be EUR 100 for each item or set of data concerning one account, with a minimum of 1,500 euros when the declaration has been submitted after the deadline without prior request of the Tax Administration.
- Finally, in addition to the above, no representation is considered infringement tax and penalized with a proportional fine of 150% of the base amount of the penalty.