It is applied to the following concepts which may individually or jointly exceed 50,000 Euros:
a. Accounts: Opened abroad in entities dedicated to bank or credit trading of which they may be holders, receptors or authorized or, of which they may dispose.
b. Assets: Titles, assets, rights of representation of share capital or equity which may be abroad.
c. Life or disability insurance (as policy holders) taken out with foreign entities.
d. Life or temporary income (as beneficiaries) coming from foreign entities.
e. Real estate abroad and any right on it.
The previously mentioned measures necessarily require the development of a regulation, therefore it is necessary to wait to see its definitive extent.
In the event of non-fulfilment, the minimum fine shall be 10,000 Euros. In case it is filed after the deadline, but before the administrative subpoena, the minimum shall be 1,500 Euros. If said declaration is not filed on time, they shall be included in the Personal Income Tax and in the Corporate tax as unjustified capital gains or undeclared incomes except where proof is given that they correspond to incomes declared for other period. This unjustified capital gain shall be allocated to the last non-expired tax year. For such cases, the new regulation does not allow the holder to prove that the assets or rights belong to former tax years.
The failure to inform and the consideration of unjustified capital gains shall imply the commission of a very serious tax infringement and will be penalized by a fine of 150% of the whole quota. In this sort of cases, it may not be possible to apply unpaid amounts with compensation pending such as, for example, negative tax bases in regards to the Corporate tax.