Evolution of assets on the basis of form 720

• The '720' filers already represent 31% of Patrimony's tax base in 2015, compared to 12% before the process of asset creation and income regularization began.
• This evolution reflects that the emergence of hidden assets abroad has generated a strong increase in bases and filers in the highest brackets of the Wealth Tax.

 

September 20, 2016.- Taxpayers who revealed hidden assets abroad within the framework of the process opened with the implementation of the '720' model for declaration of assets and rights in the foreigner and the presentation of the Special Tax Declaration (form '750') have very significantly increased their tax bases declared in the Wealth Tax as a consequence of this process of raising assets.

According to the result of an analysis carried out by the Tax Agency on the behavior of Wealth Tax filers, the group of filers of this tax who are also '720' filers have increased their tax base declared in 78%. Equity between 2007 and 2015 (understood as accrual exercises; not presentation). In that same period, the base declared by all taxpayers who presented Patrimony fell by almost 32%.

The reason for taking 2007 into consideration as the reference year for the analysis is because it was the last tax accrual year before the process of asset creation and income regularization that began in 2012 began. In this sense, after the elimination of the tax during the period 2008-2010, the following declaration of Assets, referring to 2011, was presented in 2012, when the intention to implement a new anti-fraud law that would include the obligation to declare assets and rights abroad, and also when the first income regularizations associated with the presentation of the Special Tax Declaration were carried out.

In fact, a very important part of this increase in tax bases declared in Patrimony by filers of '720' already occurs in relation to Patrimony 2011, of more than 29% in relation to the bases that these taxpayers declared in the tax in 2007 . The rest, until completing this global increase in bases declared in the period 2007-2015, occurs in relation to Patrimony 2012; that is, precisely within the framework of the process of raising assets abroad and regularizing income.

The same behavior, even more pronounced, can be seen in the case of the group of DTE presenters. In this case, in the period 2007-2011 their tax bases declared in Equity grow by more than 40%, and in the period 2007-2015 they already increase by more than 82%. All this in spite of the fact that the bases of the set of tax filers fell significantly, partly as a result of the legal modifications introduced by the different autonomous communities in the exercise of their normative capacity.

 

The weight of '720' filers in Heritage grows

In the case of filers of the '720' model, this strong increase in their base declared in Assets has caused a noticeable increase in the relevance they have in relation to the group of filers of the tax.

Thus, while in Patrimony 2007 the taxpayers who subsequently turned out to be presenters of the '720' declared 12% of the tax base of all Patrimony taxpayers, in 2015 the proportion has become 31% of the global tax base of the tax.

The evolution of the Heritage tax bases thus shows the effect of the process of declaring assets hidden abroad, especially in the highest tax brackets, where, rather than an increase in assets, what has occurred is an emergence of assets that were hidden abroad, and that have been declared since 2012.

This improvement in voluntary compliance runs in parallel to the reinforcement of asset control that the Tax Agency has been undertaking, both through an analysis of the information obtained on assets abroad from '720', determining asset variations and taxable events. to regularize, as well as the regularizations already carried out and those that are in progress.