Breakdown of information of the ‘form 720’ of 2013

• Of the 15 billion in bank accounts declared in the first '720', more than 10.5 billion correspond to five countries: Switzerland, Belgium, United Kingdom, Germany and Andorra
• Half of the 9.2 billion declared for real estate is concentrated in France, the United Kingdom, Germany and Portugal
• The total assets declared for the first time since 2013 until now amount to more than 126.5 billion, which swell the database of the Tax Agency for current and future audits.

 

October 28, 2015.- The Tax Agency has today released a comprehensive breakdown of the amounts declared by taxpayers in Form 720 for assets and rights located abroad. Of the more than 200 countries and territories for which information is declared in the model, a breakdown is provided by type of assets and rights for the first year of validity of the '720' (information referring to 2012, declared in 2013 and in subsequent extemporaneous reports). According to this breakdown by origin of the assets, of the total of 90.976 billion declared in that first '720', a third was concentrated in two countries, Switzerland (more than 19.8 billion euros) and Luxembourg (almost 10 billion).

By type of assets and rights, in the case of bank accounts and out of a total of more than 15 billion euros, more than 10,500 correspond to five countries (Switzerland, 4,834 million; Belgium, 1.747 million; United Kingdom, 1.677 billion; Germany, 1.292 million; and Andorra, 966 million euros.

As regards real estate, out of a total of more than 9.2 billion euros, 1.727 billion euros are held in France, 1.379 billion in the United Kingdom, 727 million in Germany and 682 million euros in Portugal. These four countries account for almost half of the total declared in this type of assets.

The concentration of declared assets and rights is especially intense in shares and interests in collective investment institutions (mainly investment funds). Of a total of more than 17.2 billion euros declared, Luxembourg (6.286 billion) and Switzerland (5.669 billion) represent almost 70%. The following countries by declared volume are the United States (763 million) and Andorra (758 million euros).

Similarly, of the total amount declared for securities and rights abroad (47 billion euros), almost a third is concentrated in Switzerland (8.951 billion) and the Netherlands (6.306 billion euros). As regards insurance and temporary or life annuities, taxpayers declared a total of 2.481 billion euros in the first form 720, of which 580 million correspond to Luxembourg and 455 million to Andorra.

More than 126.5 billion declared for the first time

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 126.5 billion euros in the form for the first time (90.976 billion in the first year, 20.790 billion in the second and 14.766 billion euros in the third).

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 70,333 million euros and revoked or extinguished assets and rights for an amount of 15,942 million. In the third year, they have declared assets previously declared for an amount of 46,067 million euros, as well as revoked or extinguished assets and rights for an amount of 12,684 million.

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.

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.