The European Commission’s position regarding the form 720 of declaration of foreign assets.

The European Commission’s position regarding the form 720 of declaration of foreign assets.

 The European Commission has announced its position regarding this controversial tax form and has declared that according to the European Commission’s opinion, the setting up of this tax obligation as well as the fines established in the Law for non declaring or for late declaration of the form are according to European Law.

Nevertheless, the European Commission argues that the provisions of the Law regarding the large fines for non declaration of this form and the absence of a legal term for the Administration to pursue tax payers who did not declare this form are measures against the European free movement of capital and people and against the European freedom of establishment.

If the Spanish Government does not accept the European Commission objections, the normal procedure is for the European Commission to take the matter to the European Court for their last decision.

 
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