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Late filing Modelo 720

Posted: Sat Jun 3, 2023 1:49pm
6 replies104 views2 members subscribed
Stevec2x

Stevec2x

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Hi peeps

I've missed the window for filing Modelo 720.

Does anyone know to go about filing it now? When I log into AEAT using digital certificate I get nowhere - the page just goes blank!

Cheers

Steve

killjoy

Posted: Sat Jun 3, 2023 6:18pm

killjoy

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Posted: Sat Jun 3, 2023 6:18pm

In Jan. 2022 the European Court ruled form 720 to be illegal amd contrary to EU law, and imposed fines excessive.

Stevec2x

Posted: Sat Jun 3, 2023 6:22pm

Stevec2x

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Posted: Sat Jun 3, 2023 6:22pm

killjoy wrote on Sat Jun 3, 2023 6:18pm:

In Jan. 2022 the European Court ruled form 720 to be illegal amd contrary to EU law, and imposed fines excessive.

Yes I know, but it still has to be done, with much smaller fines.

Cheers 

Steve

Kimmy11

Posted: Sat Jun 3, 2023 8:23pm

Kimmy11

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Posted: Sat Jun 3, 2023 8:23pm

Hi Steve,

You're correct, the 2022 ruling by the European Court of Justice found the penalty regime associated with the Modelo 720 to be illegal, not the requirement to submit the form.  Spain subsequently amended the penalty regime to bring it in line with the general penalty regime established in the Spanish General Tax Law, i.e. the authorities can't fine you more than the 4 years' Statute of Limitations, rather than the punitive, unlimited period they previously applied.

The fixed fine is now €20 for each piece/set of information that should have been included in the declaration, although there's a minimum penalty of €300 (and a maximum of €20,000).  These penalties and the minimum and maximum limits are reduced to 50% if the Modelo 720 is filed after the deadline, but before receipt of notification of non-compliance by the Spanish tax authorities, so definitely worth correcting this as soon as possible.  If the undeclared assets are located outside the European Union, the penalties will be doubled.


Is this the link you have been using to update your Modelo 720 submission:

https://sede.agenciatributaria.gob.es/Sede/en_gb/ayuda/consultas-informaticas/declaraciones-informativas-ayuda-tecnica/modelos-349-720/modelo-720-presentacion-mediante-fichero.html

Given the penalty sums involved, if you can't make the amendments yourself, it would probably be worth paying a gestor to do this for you asap.

Kind regards,

Kim

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Stevec2x

Posted: Sun Jun 4, 2023 2:16pm

Stevec2x

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Posted: Sun Jun 4, 2023 2:16pm

Hi Kim

I've discovered why the page went blank after entering my NIE.

I was using my phone, and when it went to the next page I had to scroll up to see the boxes for entering data!!!!

I've now filled it in, but I need to see my gestor soon anyway so I'll ask him to check it because I'm not sure I've got the details right!

Cheers

Steve

marcliff

Posted: Sun Jun 4, 2023 3:52pm

marcliff

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Posted: Sun Jun 4, 2023 3:52pm

Although the EU censured Spain and said the Modelo 720 was illegal, Spain continues to require it to be completed.

However, the massive fines (like 150% of the value of the asset and a 5000 euro fine going up to 10000 euro for not declaring and, probably, a zillion euro for filing it late) were severely cut and reduced to levels more in line with other fines.

Whereas you could have been fined hundreds of thousands of euro for not declaring a house (or something) that is now 300 euro with a 20 euro fine for late submission so 320 euro. If you declare it before the tax authorities tell you they are looking into it, that fine is cut by 50%. 

Tis a pain in the neck. Hopefully Spain will come around and stop it completely but don't hold your breath, Even the declaration that you have no increase in one of the groups of more than 20,000 euro since last declaring could have incurred a huge fine if you missed the deadline.

The EU also made their ruling retrospective so people are now claiming back the ridiculous amounts they were fined which amounts to billions of euros. 

The Conservatives (PP) who look likely to get in at the next election have indicated they may scrap it and the probable coalition partners (Vox) have called for the wealth tax to be abolished as well. 

Herefordjack

Posted: Sun Jun 4, 2023 6:17pm

Herefordjack

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Posted: Sun Jun 4, 2023 6:17pm

marcliff wrote on Sun Jun 4, 2023 3:52pm:

Although the EU censured Spain and said the Modelo 720 was illegal, Spain continues to require it to be completed.

However, the massive fines (like 150% of the value of the asset and a 5000 euro fine going up to 10000 euro for not declaring and, probably, a zillion euro for filing it late) were severely cut and reduced to levels more in line with other fines....

...

Whereas you could have been fined hundreds of thousands of euro for not declaring a house (or something) that is now 300 euro with a 20 euro fine for late submission so 320 euro. If you declare it before the tax authorities tell you they are looking into it, that fine is cut by 50%. 

Tis a pain in the neck. Hopefully Spain will come around and stop it completely but don't hold your breath, Even the declaration that you have no increase in one of the groups of more than 20,000 euro since last declaring could have incurred a huge fine if you missed the deadline.

The EU also made their ruling retrospective so people are now claiming back the ridiculous amounts they were fined which amounts to billions of euros. 

The Conservatives (PP) who look likely to get in at the next election have indicated they may scrap it and the probable coalition partners (Vox) have called for the wealth tax to be abolished as well. 

No surprise Vox have called for the abolition of the wealth tax.

Won't be long before they're calling for the abolition of parliamentary democracy.

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