Do you need advice for the Model 720? You do not know if you have to file Model 720, concerning the declaration of goods, rights and values abroad? Here are some tips to help you determine whether you are liable for this tax.
Who are the subjects of this tax?
- Individuals and legal entities that are residents in Spanish territory.
- Permanent establishments in Spanish territory of non-resident individuals or entities.
- Entities under the income allocation system (civil companies, joint property entities, recumbent inheritances).
When do I have to submit the model?
It is important to note that the deadline for filing form 720, which refers to assets and rights located abroad that exceed EUR50,000, ends during the month of March.
What assets and rights must be listed on the model?
- Accounts in financial institutions located abroad.
- Securities, rights, insurance and income deposited, managed or obtained abroad.
- Real estate and real estate rights located abroad.
However, legal entities and other entities residing in Spanish territory that have assets and rights abroad registered in their accounts are not obliged to report them.
Furthermore, if you have previously submitted this model, it is necessary to reassess whether you should submit the model again in accordance with the regulations in force.