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Taxpayers declare 1,900 million euros more in assets and rights abroad

‘Form 720’

  •  In little more than three months the number of taxpayers declaring assets abroad for the first time on Form 720 has grown by 1,813, while the amount declared has increased by 1,889 million euros
  • Of particular note is the increase of 1,441 million in assets declared for 2012, first year of the form's validity, which had to be declared in 2013
  • More than 126,300 million euros has been added to the total amount of declared assets, expanding the Tax Agency's database for present and future inspections

August 20, 2015.- The assets declared for the first time by taxpayers in Form 720 for assets and rights abroad now total more than 126.3 billion euros, after a total of 1.889 billion were added in just over three months. In that same period and in parallel with the investigations of failure to comply with Form 720 being undertaken by the Tax Agency, 1,813 taxpayers have declared assets and rights abroad for the first time for one or more of the three fiscal years in which the obligation to declare such assets has been in force (2013, 2014 and 2015).

Of that overall increase of almost 1,900 million euros in the declared assets in relation to the figures from mid-April, more than three quarters (1,441 million euros) of the declared assets correspond to extemporaneous presentations of the first 720, corresponding to the state of overseas assets in 2012, that should have been declared prior to May 2013; already more than two years ago.

After the tax returns filed the first year, taxpayers have updated their list of assets and rights abroad in the two following years, which reflects, separately, the wealth that is declared for the first time, both in the returns filed in 2014, and in 2015; those in which the circumstances exist for re-declaration (increase for each group of assets and rights greater than 20,000 euros) and those that have been extinguished or revoked.

Data from the end July shows that taxpayers have declared for the first time on form more than 126,300 million euros (almost 90,900 million in the first year, almost 20,800 million in the second and more than 14,700 million in the third). In terms of types of assets, almost 21,900 million euros have been declared in accounts, more than 11,000 million in properties and more than 93,400 millions in funds, insurance and stock and shares.


The control of wealth abroad

All this information, for the purposes of current and future audits, continues to feed the database of the Tax Agency, which continues with the analysis of the more than 7,000 taxpayers preselected for inspection for not having submitted Form 720 when they should have done so, according to the information available to the Agency, or for having filed the declaration incorrectly.

At the same time, and with the aim of using the maximum amount of information available, as well as of encouraging voluntary compliance with the tax obligations, in its latest tax return campaigns the Tax Agency has sent out tens of thousands of notifications with fiscal documents, reminding taxpayers that assets had been incorporated into Form 720 and that they were obliged to declare any income from such assets on their Income Tax Returns.

This extension of the control over assets located abroad allows the tax base to be widened, as the submission of Form 720 encourages the correct payment of Capital Gains and Personal Income Tax.


720 General table

YEAR

NO. OF TAXPAYERS

DECLARED WEALTH VALUE (m euros)

2013

135,823

90.889

 

2014

Assets or rights filed for the first time

32.720

20,770

Previously declared assets or rights

29.203

70.289

Assets or rights filed due to cancellation or revocation

29.793

15.938

 

2015

Assets or rights filed for the first time

28.437

14.715

Previously declared assets or rights

30.593

46.023

Assets or rights filed due to cancellation or revocation

26.533

12.676



720 Tables by types of assets

YEAR

NO. OF TAXPAYERS

TYPE OF ASSET OR ERD

DECLARED WEALTH VALUE (m euros)

2013

135,823

Bank or credit accounts

15,000

Stock or shares in collective investment institutions Collective

17.228

Temporary income and insurances or annuities

2.477

Securities and rights

46.983

Properties: ownership and real rights

9.201

TOTAL

90.889

 

YEAR

NO. OF TAXPAYERS

TYPE OF ASSET OR ERD

DECLARED WEALTH VALUE (m euros)

2014

Assets or rights filed for the first time

32.720

Bank or credit accounts

4.045

Stock or shares in Collective Investment Institutions

8.212

Temporary income and insurances or annuities

279

Securities and rights

7.195

Properties: ownership and real rights

1.039

TOTAL

20,770

Previously declared assets or rights

29.203

Bank or credit accounts

4.158

Stock or shares in Collective Investment Institutions

7.632

Temporary income and insurances or annuities

741

Securities and rights

57.171

Properties: ownership and real rights

587

TOTAL

70.289

Assets or rights filed due to cancellation or revocation

29.793

Bank or credit accounts

1.605

Stock or shares in Collective Investment Institutions

6.403

Temporary income and insurances or annuities

228

Securities and rights

7.474

Properties: ownership and real rights

228

TOTAL

15.938

 

YEAR

NO. OF TAXPAYERS

TYPE OF ASSET OR ERD

DECLARED WEALTH VALUE (m Euros)

2015

Assets or rights filed for the first time

28.437

Bank or credit accounts

2,823

Stock or shares in Collective Investment Institutions

5.597

Temporary income and insurances or annuities

300

Securities and rights

5.164

Properties: ownership and real rights

831

TOTAL

14.715

Previously declared assets or rights

30.593

Bank or credit accounts

4.560

Stock or shares in Collective Investment Institutions

10.531

Temporary income and insurances or annuities

892

Securities and rights

29.148

Properties: ownership and real rights

892

TOTAL

46.023

Assets or rights filed due to cancellation or revocation

26.533

Bank or credit accounts

1,083

Stock or shares in Collective Investment Institutions

4.910

Temporary income and insurances or annuities

77

Securities and rights

6.383

Properties: ownership and real rights

223

TOTAL

12.676