The CJEU declares that the penalty system established for failing to comply with the obligation to declare assets and rights located abroad is contrary to EU law.

This Legal Note analyses the judgment in question, addressing the main problems reported and the most significant consequence: although the obligation to file form 720 remains, the specific penalties foreseen for failing to comply with the duty to declare assets and rights located abroad can no longer be applied.

The full content of this Legal Briefing can be found in the PDF.