The deadline to submit the Form 720, "Informative statement on assets and rights located abroad" for the year 2020 is on March 31st.
Who is obliged to fill this form?
Every natural and legal person residing in the Spanish territory, as long as they exceed 50.000€ for each of these categories:
- Accounts in credit institutions
- Values, funds, insurances and income
- Properties and rights on real estate
Those taxpayers who have already given a declaration for a past year will be required to present the declaration for the year 2020 if any of these circumstances is given:
- If any balance set of any of the categories reported in the last declaration, has experienced an increase of 20,000 €.
- If the ownership of any of the goods declared before has been lost.
When do you need to submit it?
The deadline will be between January 1st and March 31st, 2021. The transmission of the informative statement must be done electronically.
What are fines for not filing the declaration?
In case of unfulfillment of the obligation to inform, a fixed fine of 10.000€ is established; 5.000€ can be added for every piece of information that has not been communicated or, even if it has been communicated, it has been incomplete, inaccurate or false. In case the declaration is given after the deadline, the fine will be 1.500€ with 100€ increases for each piece of information or data set.
Moreover, it will be considered an unjustified increase of patrimony of both the IRPF and the corporation tax and it will be charged in the last tax period that has not expired. The general penalty regime must be added in the event of unjustified capital gains, the fine of which means the 150% of the entire fee.
