Obligation to inform the bank os Spain of Transactions, assets and liabilities by foreign circular 4/2012
I INTRODUCTION :
Circular 4 /2012 of Bank of Spain (BOE of 4 May 2012 ) , which entered into force took place on January 1, 2013 , has introduced very significant changes in the way to inform the Bank of Spain about transactions with non-residents , as well as assets and liabilities held against the outside . We could say that the main changes are:
a) Financial institutions are no longer required to report on the receipts and payments to nonresidents whose amount exceeds 50,000 – . € transferring this obligation directly to payers or collectors in the terms and with the exceptions residents later explain .
b ) Effective January 1, 2014 is repealed Circular 3/2006 of the Bank of Spain , since the information related to bank accounts abroad will communicate in accordance with the provisions of the new Circular 4 /2012, in Consequently, they no longer used the DD1y DD2 models .
c ) Effective January 1, 2014 is repealed Circular 6/2000 of the Bank of Spain , since the loans granted or received from non-residents , as well as compensation, should be reported in accordance with the provisions of the new they circulate 4/2012 , therefore, leave the PE -1 , PE -2 , PE- 3 PE -4 , CC-1 , CC-2 and CP- 1 models used .
d ) Effective January 1, 2014 is partially repealed Circular 2/2001 of the Bank of Spain , because information concerning securities held abroad passed declared under the provisions of the new Circular 4/2012 , therefore , cease to 2A and 2B of the Annex to Circular 2/2001 boxes used.
However, exceptionally , in relation to the current year 2013, the transitional provision of Circular 4/2012 to make returns the information to the Bank of Spain as far as regulating came circular 3/2006, 6/2000 and 2 / 2001 , in addition to stating the same information in accordance with the provisions of the new Circular 4/2012 .
This information has an administrative purpose , tax and statistics.
II REQUIRED TO INFORM :
They are required to report all physical (business or otherwise) and legal entities ( public or private ) living in Spain , except financial institutions engaging in transactions with non-residents or maintain assets or foreign liabilities .
III INFORMATION TO FACILITATE :
In principle, the Circular 4/2012 seems to divide into two groups :
a) Proprietary transactions with non-residents , whatever their nature and regardless of how they are settled , ie well be settled by external transfers through credit or debit bank accounts and inter-company , for compensation or by delivery effective .
b ) Balances and changes in assets or liabilities to the outside, whatever the form in which ( accounts in financial institutions, inter-company accounts or cash- pooling agreements, deposits of cash or securities , equity participations , instruments materialize debt securities, derivatives, real estate, etc. . ) .
Technical Applications of Circular 4/2012 recently published on the website of the Bank of Spain , categorized information to declare the following:
• Shares and other forms of equity , regardless of where they are deposited , except shares in investment funds or pension .
• Marketable securities deposited with nonresident entities and marketable emissions reporting abroad and their yields , although some of them are also being heard on the above concept .
• Fixed-income securities and non-marketable yields.
• Procurement / repurchase agreements , securities lending and performance.
• Loans, credits, deposits, accounts and returns (including contracts for cash- pooling) .
• Soil , land, properties and performance.
• Financial derivatives .
• Commercial loans and other transactions with non-residents , not included in the previous sections . ( Payments for purchases made abroad by imports or export receipts ) .
The last of the concepts encompassing vocation the evidence of this statement.
IV FREQUENCY OF REGISTERING :
The frequency with which you have to present the new declaration regulated by Circular 4/2012 can be monthly , quarterly or annually , depending on the following circumstances:
Monthly : If the amount of the transactions during the year immediately preceding either the balances of assets and liabilities on December 31 last year , are equal or superior to 300 million euros.
Quarterly : if the amount of the transactions during the year immediately preceding either the balances of assets and liabilities on December 31 last year , 100 million are higher and lower than 300 million euros.
Year: if the amount of the transactions during the previous year and the balances of assets and liabilities on December 31 last year , does not exceed 100 million euros.
Exception: When either the amount of transactions during the previous year and the balances of assets and liabilities on 31 December of the previous year exceeds one million euros that no filing , unless the Bank of Spain the required explicitly .
In any of the above periodicities, the deadline for submission of the statement is 20 days following the end of each period. Therefore, when the obligation is annual, the declaration must be submitted during the first 20 days of January.
V DECLARATION :
The model through which is called filing Surveys Foreign Transactions ( ETE ) , and unlike the models which replaced lacks a sequential number. The ETE model has a summary form only if the amount of the balances at December last year and the transactions during the year immediately preceding 31 exceeding 50 million euros. This summary form only requires disclosure of the beginning and ending balances of assets and foreign liabilities , the total amount of payment transactions and the total amount of payment transactions .
The declaration may be filed electronically via the form available on the website of the Bank of Spain ( www.bde.es ) , using an electronic certificate issued by one of the certificate authorities accepted by the Bank of Spain . It is still unclear whether this statement may be filed by a third party on behalf of the declarant and , where appropriate , under what circumstances would be feasible .
VI PENALTY SYSTEM :
The offenses and penalties regime is provided by Law 19/2003 , of 4 July , on the legal regime of capital movements and financial transactions abroad . The punishment depends on the classification of the offense :
Serious offense : the lack of statement of truth , omission or inaccuracy in the data statements regarding operations which exceed 6,000,000 – € , as well as breach of the requirements made . . The maximum amount of the fine may be up to 50 % of the value of undeclared operations , but may be less than 6,000 – . € .
Minor offense : lack of statement of truth , omission or inaccuracy in the data statements regarding operations which do not exceed 6,000,000 – € . . The maximum amount of the fine can amount to 25 % of the value of undeclared operations , but may be less than 3,000 – . € . When the infringement consists in the presentation of the statement but later without prompting the Bank of Spain , the penalty may be between 150 and 300 euros if they have not been more than 6 months and between 300 and 600 euros when the period display has been exceeded by more than 6 months.
Finally , to emphasize , once again , that in connection with this year 2013 , this new statement ( ETE ) does not replace any of the derivatives of the Circular 6/2000 , 2 /2001 and 3/2006, but overlaps with them , ie , presenting both statements will be mandatory , but the content is identical . Submission of the annual return is 20.01.14 .
December 2013
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