Ms. Sara Duarte, accountant in Spain, is pleased to line out some information of new tax declaration form nº720. In the prevention and fight against tax fraud an adaptation of the Spanish Tax Law 58/2003 has been approved (Spanish law 7/2012 of 29th October) and the obligation to comply with the same will apply already for the fiscal year 2012.
• Information about accounts in financial institutions located abroad. • Information about securities, rights, insurance and annuities deposited, managed or obtained abroad. • Information of ownership or rights to real estate located abroad.
Who is required to submit these information?
All the information required will be submitted on a Spanish tax declaration with number 720 “Informative declaration of assets & rights situated abroad” by individuals and entities resident on Spanish territory, Non resident, individual or/and entities but with permanent establishments in the Spanish territory as long as they belong to the following groups:
The obligation to file this tax declaration at Spanish Inland Revenue by any of the above will be condition when the sum of one of the three groups (accounts, bonds …, real estate) reaches a total of 50.000,00 Euros. In this case it will be required to declare all assets and rights held abroad. In order words there will be no need to declare the mentioned Spanish tax return, form number 720, as long as none of the three groups reaches the total amount of 50.000,00 Euros.
It will be considered a tax infringement to present the declaration out of date, incomplete, inaccurate or to state any false information. The tax penalties imposed for any of the above or the failure to comply with the obligation will be economically very high. For additional information do not hesitate to contact the leading multi-lingual Spanish law firm Arcos & Lamers Asociados!
When & how are we required to present these information?The tax form will be required to be presented between January and March of the following year that is being declared. As an exception for the tax period 2012 this will be between February and April 2013.
The tax form must be presented by Internet.
Ms. Sara Duarte, accountant in Spain of Arcos & Lamers Asociados, law firm in Marbella has been pleased to inform you on the above.
Contact now the registered Spanish Accountants and lawyers of Arcos & Lamers Asociados in the event you need additional information or clarification on this special tax declaration in Spain, form number 720.
Arcos & Lamers Asociados, accountants in Spain, lawyers in Spain, solicitors in Spain, Tax advisers in Spain, labour advisers in Spain, company advisers in Spain.
Marbella, February 2013
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