Does not presenting the model 720 carry penalties?

One of the biggest issues around form 720 are the related sanctions that can be imposed by the Spanish tax authorities for failure to file or for late submission.

Despite being an informative return, as filing does not entail the payment of any amount, the penalties for failure to comply in case of being obliged can be 150% of the personal income tax and 5,000 Euros for each data or set of data, with a minimum of 10,000 Euros. In case of late filing, the penalties will be lower, but in any case, the taxpayer would be facing a minimum of 1,500 Euros.

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