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The new reality of digital nomads and their tax implications are beginning to be reflected in the rulings issued by the Directorate General for Taxation. An example of this is the binding consultation of 18 January 2022 (V0066-2022).
The form 720 was first introduced in 2012, along with the Spanish tax amnesty of the same year, aiming to make more urgent the disclosure of concealed assets, normally deposited at foreign entities. For that purpose, the Spanish legislator imposed the obligation of reporting assets abroad on yearly basis through the controversial form, at the risk of having serious consequences and penalties.
Landmark judgment from Constitutional Court declaring unconstitutional and therefore null and void the system for calculating the tax base for municipal capital gains tax
When a person sells, inherits or is gifted real estate in Spain, it is assumed that the value of the land rose during the time it was owned and so the taxpayer must pay a tax on the ‘capital gain’. The articles on the capital gains tax law declared null and void assumed there was always a rise in land value when it was transferred, regardless of whether such a rise actually took place according to the real transaction conditions.