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V1202-14 29 April 2014 · SG de Tributos Criterion in force
OTRO · sociedad civil

Civil society exempt from foreign assets reporting if accounts are kept

The consultant asks whether a civil society intended for stock market investment must maintain accounting records under Commercial Code and file books with the Commercial Registry. The DGT responds that if the society is considered a legal person and records its accounts and assets individually in its accounting, it is exempt from submitting foreign assets declarations.

The question raised

Regarding whether the Civil Society shall be governed by a rule that obliges the Administrator of the Civil Society to maintain accounting adapted to the Commercial Code and whether the mandatory filing of accounting books in the Mercantile Registry shall be contemplated.

The DGT's ruling

If the civil society is considered a legal entity and records the credit institution, branch, country, and account number individually in its accounting, it is exempt from the obligation to report on foreign accounts. Similarly, if securities, rights, insurance, and income abroad are recorded individually in the accounting of the legal entity or resident entity, there is no obligation to submit the informative declaration regarding said assets.

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