Reporting obligation of the assets and rights abroad.

From February 1st until April 30th.

Tax residents in Spain are obliged to report on the following assets and rights abroad:

- Accounts in financial institutions located abroad.
- Securities, rights, insurance and annuities deposited, managed or obtained abroad.
- Real estate and real property rights of ownership located abroad.

Failure to comply with this reporting requirement tax offense qualifies as very serious. Infringement shall constitute the following conduct of the taxpayer:

- Failure to submit on time the proxy statement
- Submit information return incomplete, inaccurate or false data
- Submit the document by means other than electronic, computer and communication when required to do so would by such means.

The Act establishes a specific penalty regime for both absolute breach of the obligation to the late submission of the statement.

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www.vpadvisers.com