• Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 12/5/2013

Spain - New requirement to report transactions exceeding €1 million 

December 5: There is a new reporting requirement for Spanish companies holding balances or conducting transactions with foreign companies that exceed €1 million during 2013. The information reports can be due as early as January 2014.

Thus, this new reporting requirement affects companies in Spain as well as international multinational entities with Spanish subsidiaries.

Guidelines summary

Any natural or legal person who is a resident of Spain must declare transactions and investments involving entities located in non-Spanish territories during 2013.

For example, subject transactions may include or relate to: supplier and trade receivable balances, shares, debt issues, marketable securities, fixed-income securities, repurchase and reverse repurchase agreements, loans, credit facilities, deposits, current accounts, land and properties, derivatives, and any related returns obtained.

As a reminder, Banco de España Circular 4/2012 (published in the official state gazette (BOE) on 4 May 2012) directs that information returns must be filed with:

  • Banco de España between 1 January and 20 January 2014 on a specific form (known in English as the “Survey of Foreign Transactions”)
  • Ministry of Economy and Competitiveness, according to specified due dates (various forms may apply for each type of investment, with deadlines that vary according to the type of investment and its amount)

A failure to comply and timely submit declarations may be subject to penalties, ranging from a minimum penalty of €3,000 up to 100% of the amount of the transaction.

KPMG observation

Multinational entities need to be aware of this new reporting requirement and also need to consider a number of factors, such as: whether there is in fact a reporting obligation, and what transactions must be declared. Taxpayers also need to gather appropriate information, and obtain digital signatures or certificates required to allow for submitting the declarations electronically.

For more information, contact a KPMG tax professional in Spain:

Miguel Arias

+34 91 456 3558

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