Spain: Individuals required to report foreign assets; EC infringement proceedings

EC infringement proceedings, Spain

European Commission infringement proceedings against Spain concern a challenge to information reporting measures that require individual taxpayers in Spain to complete and file a form and report their assets and rights located abroad. The issue is whether this reporting requirement is contrary to European Union law.

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Under Spanish tax law, an information return (Form 720) must be filed by individuals including those employees moving to Spain to work and who hold investments (immovable property, shares, savings deposits, etc.) in their home country. 

KPMG observation

It is currently unknown how the EC proceedings will develop. Individuals who incurred penalty assessments because of a failure to comply with the reporting measures may have refund opportunities if it is ultimately determined the measures are contrary to EU law.

 

Read a November 2015 report [PDF 72 KB] prepared by the KPMG member firm in Spain: European Commission commences infringement proceedings against Spain in respect of the information return on assets and rights located abroad (Form 720) 

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