Spain applies at Brussels for an extension to submit allegations (tax form 720)
28 Mar. 2016
In November 2015, the European Commission started an infringement procedure against Spain for the declaration of foreign assets (tax form 720), opening a two months allegation period till 20 January 2016, extended till 20 February. Spain has requested for another extension till 20 April.
Brussels will issue a reasoned opinion further to the analysis of the allegations giving another two months for new allegations. The next step would be to bring a lawsuit to the European Court of Justice in case Spain does not change the legislation, should this be the final result of the procedure.