Last 31th of October come into force the new Spanish Law 7/12 to modify some fiscal rules in order to prevent from fiscal fraud. That new law obligates to any resident in Spain to inform the Spanish Tax Authority about the properties, shares, insurances or any other assets abroad inside or outside of the European Union.
According to that law, every single people or company which was resident in Spain is obligated to submit a proper form called 720 to report the properties, bank accounts, shares, insurances or any other assets if the value of all of them is above 50.000 euros even if these assets belong to one or more than one people.
The deadline to lodge that form (720) will be the following 30th of April 2013, being very important to submit the form in a proper way as in case that the form was not registered on time or if the form was not right or even false, the Spanish Tax Authority may fine you for the minimum amount of 10.000 euros.
In order to comply with the legality and to avoid any fine, it is extremely important that everyone who is resident in Spain submit the proper form 720 mentioning the properties or any other assets abroad valuated over 50.000 euros, being done before the 30th of April 2013.
That information has been published by the Lawyers Gemma Navarro Gomez and Maria D. Hernandez Ruiz, both founders of the lawyers firm Navarro & Hernandez Abogados, known as NH Abogados-NH Lawyers-NH Advocater. For further information please visit our website www.nhabogados.com or contact us through the following email addresses abogados@nhabogados.com or info@nhabogados.com
4th March 2013, Navarro & Hernández Abogados
