1) Bank accounts, credit accounts or any other financial product in any institutions located abroad.
2) Securities, rights, insurance and annuities deposited, managed or obtained abroad.
3) 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 an important and specific penalty regime for both absolute breach of the obligation to the late submission of the statement.
VP Advisers can help you on this new tax obligation, for only 50€ VAT included fees per person for producing the model (in case you are obliged to).
INFORMATION TO CHECK
1) Properties:
· -Identification of the property with specification, succinct, typology, as determined by the relevant ministerial order.
· -Property location: country or territory in which it is located, town, street and number.
· -Date of acquisition.
· -Acquisition value.
2) Required information about financial or bank accounts (even if you are just authorized on them):
· -The name or full name of the bank or credit and home.
· -Full of accounts.(IBAN number and BIC number)
· -The opening date or cancellation, or, where appropriate, the dates of grant and revocation of the -authorization.
· -The accounts balances at December 31 and the average for the last quarter of the year.
3) Case of securities:
· -Name or full name of the legal entity, the transferee or third instrument identification or legal relationship, as appropriate, as well as his home.
· -Balance at December 31 of each year, representing the values and rights of participation in the capital or equity of legal entities. The information shall include the number and class of shares and which holds, as well as its value.
· -Balance at December 31 of the securities transferred to third parties for capital. The information shall include the number and class of securities of which are held, as well as its value.
· -Balance at December 31, the values given to the legal instrument. The information shall include the number and class of securities provided as well as its value.
In the case of the equity interests in the capital or endowment of collective investment schemes:
· -Name or full name of the collective investment scheme and address.
· -And the number and class of shares and interests and, where appropriate, they belong compartment.
· -The net asset value at 31 December.
In the case of life insurance or disability:
· -Insurer, name or designation and address
· -Salvage value at 31 December
In the case of temporary or lifetime income (PRIVATE PENSIONS AND ANNUITIES) of their benefit to December 31, following the delivery of a capital in money, or economic rights of real or personal property to entities located abroad:
· -Insurer, name or designation and address
· -Market capitalization at 31 December
Once you have submitted the first statement of the Model 720 corresponding to a tax period, should it be resubmitted each year?
Once submitted the declaration of Model 720 for one or more of the reporting obligations contained therein, the 720 form must be resubmitted when in relation to one or several of these obligations there is an increase on the limit set for each block of more than 20,000 Euros in respect of the figures included in the statement that obliged you to fill up the last informative report of assets abroad.
For further details do not hesitate in contacting us.
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