Companies holding balances or conducting transactions during 2013 with foreign companies that exceed €1 million is required to report. This new reporting requirement impact companies in Spain as well as international multinational entities with Spanish subsidiaries.
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.
A provision of penalty will be applicable to taxpayer who is failure to comply and timely submission of declarations. Monetary penalty is applicable ranging from a minimum penalty of €3,000 up to 100% of the amount of the transaction.
