One more year we inform you that the period for the presentation of the INFORMATIVE DECLARATION OF GOODS ABROAD COMPRISES THE PERIOD FROM JANUARY 1st TO MARCH 31st, 2020.
We remind you that those persons who exceed 50,000 euros in any of the sections of: Accounts, Real Estate, Securities and Insurance and Income deposited abroad are obliged to present it.
The document must also be presented, having already been presented in previous years, if in 2019 the value of the accounts, or securities or properties held abroad, has increased by more than 20,000 Euros with respect to the last declaration.
In addition, if you no longer own any of these assets or properties, but have made the declaration in previous years, you are obliged to record this change of ownership.
If the Declaration has not been presented:
- In the case of being obligated and making the form 720 without a requirement from the administration, the penalty will be 100 euros for each piece of information omitted with a minimum of 1500 euros. As a consequence, the Law establishes the obligation to impute this property as capital gain in the Income Tax of the last year not prescribed, as long as it cannot be demonstrated that this income comes from years in which the taxpayer was not a tax resident in Spain
- If there is a requirement from the administration, the formal sanction will be 5,000 euros for each data omitted with a minimum of 10,000 euros. In addition, the administration will charge as capital gain in the income tax return of the last year not prescribed, the assets and income, imposing a penalty of 150% on the amount to be paid in income tax.
It should be borne in mind that with the implementation of the exchange of data on bank accounts, the Tax Office can have access without requiring such documentation to bank accounts held by taxpayers in other countries, this exchange operates automatically.