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Spain applies at Brussels for an extension to submit allegations (tax form 720)

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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.

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