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18 Jul. 2016

The development in international information exchange practices since the US Foreign Account Tax Compliance Act (FATCA), the Council Directive 2011/16/EU cooperation and the OECD Common Report Standard (CRS) starting in 2017, together with the decision of Swiss and Gibraltar banks to close the accounts of those not able to prove having reported to their tax authorities, may push Spanish tax-residents who have not fully disclosed their foreign accounts to the so-called fiscal cliff.

The resolution from the Spanish tax authorities further to the allegations prepared by our Firm for one of our clients may have opened a door to those who wish to regularize the situation.

TAX AUTHORITIES NULLIFY 150% PENALTY FOR LATE FILING OF DECLARATION OF FOREIGN ASSETS 

Tax Form 720 for the disclosure of foreign assets held by Spanish tax residents is compulsory since 2012.

Should the Tax Authorities discover the existence of assets abroad owned by those who have not reported them on time and cannot prove the source, the consequences will be quite severe, with a top marginal tax rate of 52% for 2012 on the discovered amount plus interests for delay, plus a penalty of 150% on the outstanding tax debt, exceeding the above in total the value of the unreported asset.

The consequences for those who voluntarily file the declaration but out of time are similar, unless the source of the assets can be proved.

Due to the infringement procedure opened by the European Court against Spain and in order to boost or allow the voluntary regularization, the Spanish tax authorities announced that those who voluntarily declare the foreign asset as a gain in a self-assessment and pay the marginal rate (52%) will be released from the penalty of 150%.

Our client regularized his situation voluntarily filing Form 720 out of time but without the self-assessment declaration of capital gain nor paying the 52% of the amount. For that reason a tax inspection started with the result of a tax debt of 52% on the amount plus the penalty of 150%.

Further to the allegations submitted by JC&A Abogados to the tax authorities, they have resolved in a new way annulling the 150% penalty considering that the taxpayer was not responsible of infringement.

This resolution means an important milestone in favor of considering the personal circumstances of each case when applying the penalty, which has attracted the attention of the specialized media nationwide.

HACIENDA ANULA SANCION 150% DECLARACION BIENES EXTRANJERO EXTEMPORANEA

La obligación para los residentes de declarar en el modelo 720 los bienes en el extranjero comenzó en 2012.

En el caso de que la Administración Tributaria descubra la existencia de bienes en el extranjero de los que su titular residente no ha declarado en plazo y no pueda justificar su procedencia, las consecuencias son muy severas, con un tipo marginal del 52% para 2012 sobre el importe no declarado mas intereses de demora, mas una sanción del 150% de la cuota no pagada, que en conjunto superará el valor del bien no declarado en su dí­a.

Las consecuencias para los que declaran voluntariamente pero fuera de plazo son similares, siempre que no se pueda justificar su procedencia.

Con la apertura de un procedimiento infractor a España por parte de la Comisión Europea por esta declaración y para incentivar o posibilitar la regularización voluntaria, la Administración comunicó que si el contribuyente declaraba el bien como ganancia y pagaba el tipo marginal (52%) antes de regularizar el modelo 720, no se aplicarí­a la sanción del 150%.

Nuestro cliente regularizó voluntariamente su situación presentando el modelo 720 fuera de plazo pero sin autoliquidar la correspondiente ganancia ni pagar el 52%, motivo por el que entró en inspección con el resultado de una cuota del 52% del importe no declarado más el 150% de sanción.

Tras las alegaciones presentadas por JC&A Abogados ante las Autoridades fiscales, estas han resuelto de forma novedosa anulando la sanción del 150% al considerar que el contribuyente no puede ser considerado responsable de la infracción.

Esta resolución supone un hito importante al considerar las circunstancias de cada caso para aplicar sanciones, y como tal ha tenido amplia repercusión en la prensa nacional especializada.

EXPANSION PRESS RELEASE

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