Changes to the 720 model as of March 31, 2022:
The sanctions derived from the non-presentation of form 720 in a timely manner are modified, as follows:
- Fixed monetary fines imposed for not reporting within the deadline or for doing so incompletely, inaccurately, or with false data are eliminated.
- Those precepts that qualified the value of assets not declared on time as unjustified capital gains will also be eliminated.
- The proportional pecuniary fine of 150% on the tax quota derived from the unjustified capital gain or the undeclared income is eliminated.
- Failure to comply with the obligation to declare through this form will be subject to the general sanctioning regime provided for failure to file on time or incorrectly, provided that such declarations do not cause financial damage to the Public Treasury.
Taxpayers with assets and rights abroad have to present it in 2022 in the same way as in previous years.
What has changed is the sanctioning system for total, imperfect or extemporaneous non-compliance, and the sanctions have been lowered to the level of those contemplated for the non-compliance of other similar ones in the national territory
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