Form 720

• More than 14.3 billion have been declared for the first time this year, including accounts, more than 700 million in real estate and almost 10.9 billion in funds, shares and insurance
• Adding what was declared for the first time in the three years of validity of the '720', more than 21.6 billion euros have been incorporated into accounts, 11 billion in real estate and more than 91.7 billion in funds, shares and insurance.
• The total amount of assets and rights declared, more than 124,000 million, is already included in the database of the Tax Agency for current and future audits.

 

May 14, 2015.- More than 2.7 billion euros in bank and credit accounts have been added this year to the total assets declared for the first time in Form 720 for assets and rights abroad. The total amount entered into the model for the first time by taxpayers in 2015, the third year in which the informative declaration has been in force, amounts to 14.3 billion euros, including, in addition to accounts, more than 700 million in real estate and almost 10.9 billion in funds, shares and insurance.

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.

As a result, taxpayers have reported more than 124 billion euros in the form for the first time (more than 89.4 billion in the first year, 20.7 billion in the second and 14.3 billion euros in the third). By type of assets, more than 21.6 billion euros have been declared in accounts, 11 billion in real estate and more than 91.7 billion in funds, insurance and shares.

At the same time, in the second year of filing, taxpayers have declared assets and rights already declared previously for an amount of more than 70.1 billion euros and revoked or extinguished assets and rights for an amount of almost 15.9 billion. In the third year, they have declared assets already declared in the amount of 45.9 billion euros, as well as revoked or extinguished assets and rights for an amount greater than 12.6 billion.

The increased control of assets abroad due to the growing collection of international tax information is inducing more and more taxpayers to comply with their obligation, which is why late tax returns are still being received to avoid penalties arising from non-compliance. For example, within the ordinary filing period for the first year, which ended on 1 May 2013, 131,411 declarations were received. Almost two years later, more than 135,000 declarations are still being received.

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.

The Tax Agency has already used the information provided by this model in its extensive controls during 2013 and 2014. Thus, in the first year in which it had this valuable information on foreign assets, the Tax Agency selected a total of 550 taxpayers who had not declared the real estate allocations corresponding to a series of very high-value properties that they had included in Form 720. As a result of these actions, 121 taxpayers were fined, for an amount, including penalties and late payment interest, of almost 2 million euros.

At the same time, and with the aim of making the most of the available information, also promoting voluntary compliance with tax obligations, the Tax Agency launched tens of thousands of warning messages in the last two Income Tax campaigns, through the tax data document, to remind taxpayers who had incorporated assets into form 720, that they had to declare the income from said assets in their personal income tax.

This extension of the control of assets located abroad allows for the broadening of the tax bases because the presentation of Form 720 induces correct taxation in the Wealth Tax and Personal Income Tax.

720 General table

YEAR	NO. OF TAXPAYERS		DECLARED ASSET VALUE (thousand. euros)
2013	135.081		89.448
2014	Assets or rights filed for the first time	32.510	20.713
	Previously declared assets or rights	29.058	70.171
	Assets or rights filed due to cancellation or revocation	29.694	15.898
2015	Assets or rights filed for the first time	27.576	14.324
	Previously declared assets or rights	30.149	45.907
	Assets or rights filed due to cancellation or revocation	26.210	12.613

720 Tables by types of assets

YEAR	NO. OF TAXPAYERS		TYPE OF ASSET OR ERD		DECLARED WEALTH VALUE (m euros)
2013	135.081		Bank or credit accounts		14.912
			Stock or shares in collective investment institutions Collective		17.194
			Temporary income and insurances or annuities		2.472
			Securities and rights		45.689
			Properties: ownership and real rights		9.181
			TOTAL		89.448
YEAR	NO. OF TAXPAYERS			TYPE OF ASSET OR ERD		DECLARED WEALTH VALUE (m euros)
2014	Assets or rights filed for the first time	32.510		Bank or credit accounts		4.033
				Stock or shares in Collective Investment Institutions		8.196
				Temporary income and insurances or annuities		278
				Securities and rights		7.174
				Properties: ownership and real rights		1.032
				TOTAL		20.713
	Previously declared assets or rights	29.058		Bank or credit accounts		4.110
				Stock or shares in Collective Investment Institutions		7.620
				Temporary income and insurances or annuities		737
				Securities and rights		57.121
				Properties: ownership and real rights		583
				TOTAL		70.171
	Assets or rights filed due to cancellation or revocation	29.694		Bank or credit accounts		1,602
				Stock or shares in Collective Investment Institutions		6.389
				Temporary income and insurances or annuities		228
				Securities and rights		7.454
				Properties: ownership and real rights		225
				TOTAL		15.898
YEAR	NO. OF TAXPAYERS			TYPE OF ASSET OR ERD		DECLARED WEALTH VALUE (m Euros)
2015	Assets or rights filed for the first time	27.576		Bank or credit accounts		2,740
				Stock or shares in Collective Investment Institutions		5.552
				Temporary income and insurances or annuities		295
				Securities and rights		4.965
				Properties: ownership and real rights		772
				TOTAL		14.324
	Previously declared assets or rights	30.149		Bank or credit accounts		4.512
				Stock or shares in Collective Investment Institutions		10.497
				Temporary income and insurances or annuities		883
				Securities and rights		29.140
				Properties: ownership and real rights		875
				TOTAL		45.907
	Assets or rights filed due to cancellation or revocation	26.210		Bank or credit accounts		1,075
				Stock or shares in Collective Investment Institutions		4.888
				Temporary income and insurances or annuities		76
				Securities and rights		6.360
				Properties: ownership and real rights		214
				TOTAL		12.613