Deadline for Spain’s tax amnesty is 30 November 2012

Taxpayers who owe spanish tax can now avail of a tax amnesty in Spain.
The amnesty only applies to income tax, non-residents income tax, and corporation tax. There is no mention of wealth tax, inheritance and gift tax, VAT, transfer tax and municipal taxes. Anyone opting to use this amnesty to regularise undeclared assets must submit a special return by 30th November 2012, detail all their undeclared assets and income, and pay a one-off tax liability at the same time. The tax liability is 10% of the undeclared assets – it does not apply to undeclared income, but to the value of the assets connected to or acquired with the undeclared income.
In the case of bank accounts, the value to be reported is the amount on deposit at 31st December 2010. The cash needs to be deposited into an account in Spain or another EU country before the form is filed. This will ensure that going forward Spain receives the full amount of tax due. 

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