Skip to main content

In 2015, taxpayers declare more than 2.7 billion euros in foreign accounts for the first time.

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