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.

Deadline

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.