On Thursday 6 June, the European Commission decided to bring an action against Spain before the European Court of Justice (ECJ) concerning the imposition of disproportionate penalties on Spanish taxpayers who fail to declare assets held in other EU and EEA Member States ('Modelo 720').
This decision follows Spain's first formal notice, followed by a reasoned opinion of 15 February 2017, reminding it to ensure the proportionality of those rules it applies to assets held abroad.
Indeed, while...