‘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