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V1041-17 ·4 May 2017 ·consulta-vinculante Medium impact
FISCAL

Spanish resident companies exempt from model 720 if foreign accounts are individually identified in accounting

A company asked whether it must file model 720 for a foreign account exceeding 50,000 euros and whether the exemption applies to its directors. The DGT confirms no reporting obligation exists if the account is individually identified and recorded in the company's accounting.

In 6 key points

How it affects those involved

Resident companies with foreign accounts properly recorded individually in their accounting are exempt from filing model 720, regardless of account balance or director involvement.

Lifecycle

2017-05-04PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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