Others questions regarding Form 720
Obligation to submit the form 720 in the following years.
In the following years (after the first submission of the 720 form) the tax payer will report this information when:
- The value of the declared assets increases over EUR 20.000.
- The ownership of any element included in each cathegory finalizes.
The deadline is 31st March.
Penalties for failure to file
The non-submission of the 720 form, if there is obligation to file, implies the following penalties:
- Not submitting the form or submitting a form that is incomplete, incorrect or with false information: Implies a fine of EUR 5.000 for each data or set of data that have been provided incomplete, inaccurate, and/or false with a minimum fine of EUR 10.000
- The penalty is EUR 100, per data or set of data submitted untimely, without a prior request from the Spanish Tax Office, with a minimum penalty of EUR 1.500. The submission of the form will also be sanctioned if the form is not submitted electronically..
- Other consequences: The Tax Agency will check and review the tax payer’s direct taxation (PIT and Corporate Tax) and will possibly consider the declared incomes as unjustified earnings.