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EU Takes Action Against Spain Over Rules On Reporting Of Assets

by Ulrika Lomas, Tax-News.com, Brussels

13 June 2019


The European Commission is taking Spain to the Court of Justice over the imposition of "disproportionate" sanctions for failure to report assets held abroad.

Spain requires resident taxpayers to submit information on the assets they hold abroad, including properties, bank accounts, and financial assets. Those who fail to submit this information on time and in full are subject to sanctions.

The Commission said that these sanctions are higher than those for similar infringements in a purely domestic situation and may exceed the value of assets held abroad. It described these sanctions as disproportionate and discriminatory.

According to the Commission, these sanctions may deter businesses and private individuals from investing or moving across borders in the EU single market. It said that these provisions are in conflict with the free movement of persons and workers, the freedom of establishment, the freedom to provide services, and the free movement of capital.

The Commission opened infringement proceedings against Spain in 2015 and in 2017 again requested that Spain amend the rules.

TAGS: individuals | compliance | tax | business | European Commission | tax compliance | banking | international financial centres (IFC) | offshore | Spain | European Union (EU) | services | Europe

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