27 Feb 17
The European Commission has given the Spanish government two months to make Modelo 720 penalties fairer following revelations that fines issued for late or inaccurate tax returns can be as high as 150% of the undeclared assets.
The European Commission has given the Spanish government two months to make Modelo 720 penalties fairer following revelations that fines issued for late or inaccurate tax returns can be as high as 150% of the undeclared assets.
The firm, which specialises in providing financial advice to British expats in France, Spain, Portugal, Cyprus and Malta, warns that despite the EU challenge “nothing has changed [for clients] in terms of the obligations to declare correctly and on time”.
Figures published last year show that since its introduction, the Modelo 720 levy has led to more than 8,800 inspections that have generated €840m in penalties and surcharges for the Hacienda.
Tags: Blevins Franks | Modelo 720 | Spain
