16/02/2017 (Agence Europe) – On Wednesday 15 February, the European Commission announced that it had sent a reasoned opinion to Spain ordering it to amend its rules on assets held in other member states of the EU or of the European Economic Area (EEA). The institution takes the view that Spain is entitled to require taxpayers to provide the national authorities with information on certain assets held abroad, but considers that the fines handed down in the event of failure to respect this obligation are disproportionate and far higher than the sanctions applicable in a purely national situation. The rules may therefore deter businesses and individuals from investing within the single market. These provisions are therefore discriminatory and incompatible with the fundamental freedoms of the EU. If no satisfactory response is forthcoming within a period of two months, the Commission may bring the matter before the Court of Justice of the European Union. (EL)