Changes to the Tax Declaration of Foreign Assets
by Ibiza-Legal
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With Law 5/2022, which was published in the Official Gazette (“BOIB”) on 10 March, 2022, the legislature has adapted the controversial tax form 720 to European law.

About 10 years ago, the form (“modelo”) 720 was introduced in Spain with the aim of forcing Spanish tax residents to disclose assets located abroad. 

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Real Estate Taxation Values to change in 2022
by Ibiza-Legal
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On July 10, 2021, Law 11/2021 on Measures to Prevent and Combat Tax Fraud (Ley de Medidas de Prevención y Lucha contra el Fraude Fiscal) was published in the Official Gazette. It includes a number of important changes in the area of wealth tax, real estate transfer tax and inheritance tax.

Most important is that a general real estate market reference value will be established, which in Spanish is “valor de referencia del mercado inmobiliario”.

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