The EU considers excessive the penalties the Spanish Tax Services impose to those not properly declaring their assets in a different country. The penalties are disproportionate, discriminatory and in clear conflict with the EU fundamental rights, and therefore changes are immediately required under the threat to take the case to the EU Courts.
720Form is just an informative form about the rights and assets located overseas approved. It affects those Spanish residents in the Spanish territory owning overseas bank accounts, shares, insurance policies, investments funds over a 50.000 Euros value.
The Spanish Tax Services punish the lack of submission, but also the mistakes of form and content and Brussels considers this an excessive punishment. The Spanish Tax Services establish the minimum penalty for the lack of submission of the 720Form 30.000 Euros. In the event of lack of just one fact, then the minimum penalty is 10.000 Euro, as well as having a simple mistake or inexact date or even incomplete data.
Therefore the EU is going to keep putting pressure onto Spain until the law is changed. What is going to happen?