Any individual who has business in Spanish territory is subject to being asked for the ETE Form Bank of Spain. For this reason, through this article you will learn everything about him and the Bank of Spain. We invite you to continue reading the information we have for you.
Here you will find what the Form is, how it should be filled out, what it is for, who should manage it. As well as the sanctions imposed in the case of not presenting it, what is the Bank of Spain, their respective functions and much more information.
How to fill out the ETE Bank of Spain Form?
If you are an entrepreneur, you can generally be asked to present your financial assets and liabilities. This through the ETE Form Bank of Spain. However, if you do not know what they are and what you have to do to complete it. For this reason, the way to fill it will be detailed below, which can be done in different ways:
Through Electronic Channels
- Each of the statements must be sent through ISSSTE. In some of the formats that are consigned even if it is XML to PDF.
- In order to fill out the PDF Form, the installation of PDF readers in excellent versions must be determined. This in order that the respective files can be read.
- It should be noted that the version had some drawbacks to be able to read them.
- To protect the modifications of any of the PDF Form. These must be stored in the equipment prior to shipment. choosing the alternative of “Save as”.
- If you are making an XML type file, which is opened through zip files. You also have to check the schemes, opening a screen that belongs to those who proceed to the shipment.
On the other hand, two (2) types of Forms will be appreciated to be presented:
- Forms to expose in front of legal persons in which public persons are incorporated.
- Likewise, there is that of natural persons where there are amounts and transactions that can be greater than € 50,000,000 euros.
- For natural persons it was essential. In order that they can apply this way that they possess the National Identity Document (DNI) electronically.
- In a new window, open an electronic certification issued or an identity file.
- However, legal entities must possess the electronic certification that has been issued by some authorities. Also that they authorize the certificates of the Bank of Spain.
- In any case, through the component certification issued by the entity, only for legal persons specifying the steps they should use.
Usefulness of the Bank of Spain ETE Form
With reference to the utility that is given to ETE Form Bank of Spain, the following are named:
- For transactions carried out with non-residents, whatever their nature and regardless of how the respective transactions are canceled. Commercial transactions are integrated of issuing invoices to non-residents or marketing of goods and services to foreign citizens.
- Amounts and modifications of assets and liabilities abroad of any nature: Accounts in banking entities, deposit, debt tools, contributions, properties, among others.
- Regarding the term, the regularity of the consignment will depend on the number of operations carried out in the previous year. Similarly, the amount of assets and liabilities obtained abroad as of December 31 of the previous year. Therefore, the following should be taken into account:
- It must be recorded every year (until January 20 of the next year). If the amount of the operations is less than € 100 million euros. Additionally, if the amount of the operations is less than € 50 million euros, a compendium of the declaration will be recorded each year.
- The consignment will be every 3 months (20 days of the next month at the end of each quarter). When the amount of the transactions are minimum € 100 million but less than € 300 million euros.
- The consignment will be every month (the first 20 days of the next month). When the transaction amount is equal to or greater than € 300 million euros.
Who should process it?
The ETE Form Bank of SpainIt is mandatory that any legal or natural person living in Spain manage it.
Likewise, who owns assets and liabilities abroad and / or has carried out economic operations with non-resident citizens. Likewise, the amount of the operations carried out is greater than 1 million euros in the previous year.
- In the event that the limits have not been exceeded in the previous year, but are exceeded during the current year. In the same way, it is mandatory to record the aforementioned declaration with the respective frequency.
- As has been said, if the amount of the transactions or amounts of assets and liabilities. During the previous year it is less than € 1,000,000 euros. The consignment of the ETE Form Bank of Spain, unless said institution requires it.
- Therefore, if you had the duty to record the statement. Then all the transactions carried out over time must be incorporated, apart from the particular amount of each of the transactions. With reference to the way in which the Form is presented, it must be sent to the Bank of Spain’s Statistics Department.
Penalties for not submitting the Bank of Spain ETE Form
Currently, no sanctions are being ordered, unless they are strict cases. The sanctions and offenses regime, which is established in Law 19/2003, of July 4. It deals with the legal regime of capital and economic operations abroad. The sanction is based on the type of offense:
- Gravity Infractions: The absence of the declaration, really, ignore or errors in the information of the declarations. This about transactions where the amount is greater than € 6,000,000 euros. Likewise, the higher amount of the fine may increase to 50% of the price of undeclared transactions. Which cannot be less than € 6,000 euros. The term prescribes in 3 years.
- Minor Infractions: Lack of declaration, truth, ignore or errors in the information of the declarations. All about transactions where the amount do not exceed € 6,000,000 euros. Likewise, the higher price of the fine may increase to 25% of the amount of the undeclared transactions. Without it being less than € 3,000 euros.
If the infringement resides in the consignment of the declaration out of time, but without intervening requirements of the Bank of Spain. Said sanction may be between € 150 and € 300 euros, if it has not been more than 6 months. Between € 300 and € 600 euros, when the consignment time has passed more than months. The prescription is for one year.
Bank of Spain
When talking about the Bank of Spain is to refer to the National Central Bank, and within the scope of the (SSM) Single Supervisory Mechanism, the inspector of the banking system in conjunction with the Central Bank of Europe. Its functions are governed by the Autonomy Law of the Bank of Spain. Their respective functions are listed below:
Functions as a Member of the European System of Central Banks (ESCB)
As of January 1, 1999, the Bank of Spain intervenes in the advancement of general functions. Which are attributed to the ESCB:
- Determine and carry out the monetary policy of the euro area, with the essential purpose of sustain the strength of the values in the area.
- Carry out currency exchange transactions that are consistent with what is stipulated in Article 111 of the Court of Justice of the EU (TEU). Also, have and fill out legal foreign exchange reserves of the State.
- Promote the optimal functioning of payment methods in the euro area. In this area, supply transactions are governed by liquidity to institutions.
- Issue the legal circulation tickets.
Functions as a National Central Bank
Taking into consideration that they come from their incorporation into the ESCB. The Autonomy Law grants the Bank of Spain the exercise of the functions that are named below:
- Have and process precious metal reserves and currencies not transferred to the ECB.
- Promote the functioning and soundness of the financial system, without damaging the activities of the ECB, of the national payment methods. In this area, liquidity supply transactions to institutions are governed.
- Inspect the responsibility and compliance with the rules of the credit institutions. Likewise, other entities and financial markets, where the inspection has been commissioned.
- Place the metallic coin in transit and to execute, on the part of the State, the other activities that are entrusted to it.
- Prepare and disseminate the statistics related to the activities and go to the ECB, in the compendium of statistical data.
- Provide treasury services and of financial officials of the public debt.
- Act as an advisor, also carry out the reports and analysis as a consequence.
What is the Bank of Spain ETE Form?
There are some companies and individuals who do not know about the ETE Form Bank of Spain. As well as the duty to record if a number of operations is exceeded as non-residents or there are assets outside of Spanish territory.
The statement about economic operations and the amounts of financial assets and liabilities abroad. Where its legal name is governed by Bank of Spain Circular 4/2012. This is an informational type declaration.
This with a statistical objective against the Bank of Spain. This is used to declare the operations carried out with non-resident individuals and the assets and liabilities held abroad. It is required to prevent the ETE Form Bank of Spain, is a different statement than pattern 720.
This pattern is related to the informational type declaration about the properties and rights. Which is filed with the State Tax Administration Agency. Therefore, it is an informative tax return.
As an entrepreneur, you should keep in mind that, when carrying out transactions abroad, you must present the ETE Form Bank of Spain. It is important to take into account the time available for your consignment.
It should be noted that the operations that have been carried out must obey the regulations legally established by the Bank of Spain. We hope we have helped you with this process.
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