The purpose of this declaration is to identify three blocks of assets located abroad, provided that the amount or value of each of the blocks exceeds 50,000 euros. The assets and rights that must be declared are:
Accounts in financial institutions located abroad.
Securities, rights, insurance and income deposited, managed or obtained abroad.
Real estate and rights to real estate located abroad.
The scope of the obligation to telegram korean list declare, beyond ownership itself
In addition to the restrictions on the amount of 50,000 euros, we are seeking a declaration from attorneys, representatives, trust entities or legal systems that allow us to have free disposal of said assets and rights but that we are not the actual owners of them.
This declaration has a series of exceptions in the amounts to be declared , mainly for those taxpayers who have the obligation to keep accounting in accordance with current laws and have perfectly individualized and identified said assets and rights in the accounting books.
Deadlines for filing declaration 720
Declaration 720 is submitted annually , with the deadline for filing for this first fiscal year ending on April 30. Starting next fiscal year, only those taxpayers who have assets of over 50,000 euros abroad will have to file this informative declaration, or taxpayers who have already previously filed this declaration and have increased assets of over 20,000 euros.
For example, if I have reported in this first declaration a current account located abroad with a balance of 60,000 euros, I will have to submit this declaration again if said balance has increased by more than 20,000 euros during the year.
The increase in values is quantified individually for each of the sections of the declaration, either in bank accounts, or in other financial assets or in the alteration of the values of real estate.
Not complying with declaration 720 is very expensive
If there is one point that stands out in this statement, it is the scale of sanctions that has been put in place. The minimum sanction for failure to submit Form 720 is 10,000 euros , reaching 30,000 euros if we are required to complete property rights within the three blocks of information.
This sanctioning procedure is applicable to the completion of incorrect, false or incomplete data, with the penalty in this case being between 5,000 and 15,000 euros for each false or inaccurate record declared. As we can see, complying with this obligation to provide information is really important, given that the negative consequences are very significant.
The professional management software Sage Despachos Connected allows you to meet the needs of the most demanding professional offices and includes a new feature to manage and declare model 720 , which is submitted annually, with the declaration deadline for this first fiscal year ending on April 30 .