Law 7/2012 of prevention and fight against the tax fraud and laundry money.
Friday, November 2, 2012 @ 3:19 PM
I would like to comment a very specific aspect of this law that has been passed last October 30th and has come into force next day, October the 31st 2012
One of the major novelties foreseen by this law is the obligation for Spanish tax residents (whether they are private people or companies located in Spain) to make a tax declaration informing of all the assets they might have abroad.
Assets to be declared are:
· Bank accounts, savings, life or incapacity insurances policies opened abroad
· Shares or any kind of financial product contracted abroad.
· Real estate goods or any kind of right of use over them held abroad.
The specific details of this tax information are still to be produced by the Spanish Government.
These assets don´t have to be necessarily at Tax havens. They can be anywhere.
What happened if I don´t make the tax declaration and I get caught because of the exchange of information that every day is more and more fluid between different Tax offices at least in the EU?
The fines are quite high. If you don’t fill the declaration and get caught the fine is 5.000 € per detail undeclared with a minimum of 10.000 €
If you just fill the declaration late it is 100 € per detail undeclared with a minimum fine of 1.500 € (which is still outrageous high)
So, just beware.
Antonio Robles Jara