The deadline for filing the official form giving details of assets and rights located abroad (Form 720) for the 2022 tax year expires on 31 March 2023.
The requirement to file this form remains in force with full effect despite the European Court of Justice (CJEU) ruling of 27 January 2022 in case C-788/19.
It should be recalled that the only measure declared contrary to EU law by the CJEU was the system of penalties consisting of the 150% fine, the fixed fines per item of data or set of data and the non-applicability of statutes of limitation on unjustified capital gains.
As for the only three blocks of assets to be declared within the common territory (without taking the individual jurisdictional rules of the Basque Country and Navarre into account), which comprise balances in bank accounts, real estate and securities, rights, insurance and income deposited, managed or obtained abroad, these can only be declared through the AEAT’s Online Office.
Unfortunately, with regard to the fourth block of assets to be declared, which comprises virtual currencies, we are still awaiting the regulatory provisions and the appropriate technical changes to the aforementioned Form 720 in order to be able to declare them. For this reason, the Tax Agency has published on its website and in the table of important steps relating to Form 720 that the declaration giving details of virtual currencies held abroad is not required for the 2022 financial year. We will have to wait for the 2023 filing date to see if these changes have been made.
Ventura Garcés offers a tax and wealth advisory service to assist with analysing, calculating and filing Form 720 for the 2022 tax year, as well as with analysing, calculating and filing this form for previous tax years for which the statute of limitations has not expired.