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V0759-15 9 March 2015 · SG de Tributos Criterion in force
OTRO · modelo 720

Accountants in a cash pooling need not declare in Form 720 if the holding company is exempt

The DGT confirms that an accountant in a Finnish group is exempt from declaring cash pooling accounts in Form 720 if the holding company is Spanish and the accounts are recorded in its books.

The question raised

Must these Cash Pooling accounts be taken into account for the purposes of filing the Information Return, despite being duly recorded in the accounting and the notes to the financial statements and in addition to having negative balances?

The DGT's ruling

Proxies for foreign accounts are not required to file Form 720 if the entity holding the account is exempt from said obligation. In this case, if the accounts belong to the Spanish subsidiary and are recorded individually in its accounting, or if they are branches of Spanish entities required to declare pursuant to Article 37 of the RGAT, the proxy is not required to declare them. The fact that the accounts participate in cash pooling does not, in itself, determine the obligation to report.

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