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V0694-14 13 March 2014 · SG de Tributos Criterion in force
OTRO · declaración informativa

Mandatory submission of form 720 upon cancellation of foreign current account

The consultant asks whether a disclosure statement is required for tax year 2013 after declaring foreign assets and a foreign account in 2012. The DGT responds that form 720 must be submitted for the cancellation of the account, but not for securities if there has been no loss of ownership.

The question raised

Must an informative declaration be filed in relation to the 2013 tax year?

The DGT's ruling

The filing of Form 720 is mandatory due to the cancellation of a foreign current account, pursuant to Article 42 bis of the General Regulation on Tax Management and Inspection Proceedings. Regarding securities held abroad, there is no obligation to file the declaration if no legal alteration has occurred involving the loss of ownership thereof.

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