Reporting on the overseas assets and rights held by Spanish tax payers is an obligation that was introduced in fiscal year 2013, in respect of those assets held at Dec. 31, 2012

This obligation continues in 2014, in relation to the positions as of Dec. 31, 2013.

The regulations currently in force impose severe tax penalties due to the non compliance or the inexact fulfilment of the tax return (Form 720).

For this reason and given the multiple scenarios that each taxpayer can face in his or her particular case, from PBS, we strongly recommend seeking for appropriate tax advice.

March 31 is the deadline to file this Form in respect of the assets held on Dec. 31, 2013.

Taxpayers that are filing this tax return for the first time, must report the following assets / rights located out of Spain, providing that each group, on a stand alone basis, has a value exceeding 50,000 €:

1. All type of deposits in financial institutions, (note that authorized signatories are also included).

2. Securities, rights, insurance and annuities either deposited, manager or obtained out of the Spanish jurisdiction.

3. Real estate and titleholders of real estate rights.

Taxpayers that already filed this tax return in respect of fiscal year 2012, shall be obliged to file it again if they are in any of the following situations:

Remote tax audits by a modernized Spanish Hacienda

1. The total value of assets / rights at Dec. 31, 2013 exceeds in more than 20,000 € the value as of Dec. 31, 2012.

2. The assets / rights declared in respect of 2012 are no longer held by the taxpayer.

We remind you that Spanish Corporations are excluded from this obligation only in case they register the relevant assets / rights in their bookkeeping, duly identified on a stand-alone basis.


Publicado el 03-2014 por PBS