Binding Inquiry V1682-13 (May 21) establishes that if the children of the taxpayer have the power to dispose of the current accounts, in their capacity as proxies, they must submit, if necessary, in such condition, the informative declaration.

Current legislation introduces the obligation to report on bank accounts when the 50,000 euros are exceeded (and in addition, none of the other exceptions to the obligation to declare) regardless of the number of account holders. It is mandatory to report the total balances without apportioning, indicating the percentage of participation.

In the event that the taxpayer does not present the model 720, this non-compliance has associated the imposition of three sanctions:

• one for the presentation of the statement in an incomplete, inaccurate or false, of 5,000 euros for each piece of data -with a minimum of 10,000 euros- or 100 euros per item -with a minimum of 1,500 euros- depending on whether there has been or no prior requirement of the Administration.
• Another is the imputation of an increase in equity in the taxable base of the oldest exercise of the non-prescribed, by the value of the goods and rights in respect of which the obligation to present the model 720 had been breached,
• Finally, a penalty of 150% on the increase of unjustified assets imputed.

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