January 23
2022
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27th July 2021
Internal Market Tax

Op-Ed: “Fines for not providing information on assets held abroad and the freedom of movement of capital” by Darya Budova

On 15 July 2021 Advocate General Saugmandsgaard Øe delivered his Opinion in a case concerning the Spanish declaration on assets held abroad, Commission v Spain (C-788/19), further to an infringement procedure initiated by the European Commission.

The obligation to submit the declaration under discussion was imposed back in 2012, along with the so-called tax amnesty passed the year before. These two measures were conceived as a pack. Spanish tax residents could disclose non-declared income (typically held abroad) without any penalty applying. At the same time, the obligation to declare assets held abroad was introduced and failure to comply with it was (and still is) subject to severe penalties.

The declaration (also known a

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