Doctrine by topic · DGT Observatory

Depository Entity: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

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How the DGT's position has evolved

Settled doctrine High confidence 10 rulings · 2014–2022

Current position

The Spanish depository entity that records the ownership of securities is obliged to report via Form 189, which exempts the holder from filing Form 720 for said assets. If the securities are registered in the client's name at a foreign entity, the holder must file Form 720 if the legal limits are exceeded. In cases of withholding exclusion for subjects with a permanent establishment, the depository entity must report via Form 198.

The DGT's position remains constant regarding the distinction between the depository entity's mediation function and its reporting responsibility. The doctrine confirms that the obligation to report via Form 720 depends on where the ownership registration is recorded and not on agreements between private parties. Consistency has been maintained regarding the use of specific forms (189, 198, or 720) depending on the nature of the custody and ownership.

Turning points

  1. V3282-20

    Reiterates that the voluntary filing of Form 189 to avoid Form 720 is not feasible, strictly linking the exemption to the registration of ownership by the branch.

  2. V1088-22

    Specifies that in withholding exclusion procedures for taxpayers with a permanent establishment, the information must be provided via Form 198 and not Form 193.

Analysis based on 9 of 10 rulings with a stated position. Updated 29 September 2026.

Rulings on this topic

10
V3282-20 4 Nov 2020

Voluntary submission of form 189 to avoid form 720 not feasible

SG de Tributos
modelo 189modelo 720entidad depositariaentidad comercializadoraobligación de información LGT — Ley 58/2003 General Tributaria art. 17.5LGT — Ley 58/2003 General Tributaria art. 29
Affects CompanyExpat · Non-residentIndividual
V2748-16 16 Jun 2016

Clients of a non-custodian branch must file Form 720 for foreign assets

SG de Tributos
modelo 720modelo 189entidad depositariaobligación de informaciónvalores mobiliarios RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 39.1RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.1
Affects CompanyExpat · Non-residentIndividual
V2660-15 14 Sept 2015

Normativa applies to community where assets are located

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
caudal relictosujeto pasivoobligación realentidad depositarianormativa autonómica LISD — Ley 29/1987 de Sucesiones y Donaciones art. Disposición adicional segundaLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V1151-14 25 Apr 2014

The issuing company is liable for dividend withholding and account entry

SG de Impuestos sobre las Personas Jurídicas
retencióningreso a cuentadividendosmediación de pagoentidad depositaria TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 140.1TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 140.2
Affects CompanyExpat · Non-residentIndividual

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