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EU tells Spain to scrap ‘unfair’ expat tax fines

• Under Modelo 720 legislation Spanish residents must declare all overseas assets worth more than €50,000

• The penalties, which affect around two million people, can be as high as 150% of undeclared assets

The European Commission (EC) has given the Spanish government two months (from 15 February) 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.

Introduced in 2012, Modelo 720 requires every Spanish resident to declare all their foreign assets worth more than €50,000 ($53,750). The penalties for late reporting or failing to report assets are very high, and in some cases are more than the asset is actually worth.

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