{"id":1273,"date":"2024-02-14T22:36:11","date_gmt":"2024-02-14T21:36:11","guid":{"rendered":"https:\/\/globalmindadvisors.com\/form-347-annual-declaration-of-transactions-with-third-parties\/"},"modified":"2024-02-21T19:33:19","modified_gmt":"2024-02-21T18:33:19","slug":"form-347-annual-declaration-of-transactions-with-third-parties","status":"publish","type":"post","link":"https:\/\/globalmindadvisors.com\/en\/form-347-annual-declaration-of-transactions-with-third-parties\/","title":{"rendered":"Form 347. Annual declaration of transactions with third parties."},"content":{"rendered":"\t\t
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Whether you are an individual or a legal entity, the following information is relevant for you, as all companies and self-employed persons who carry out operations with third parties must declare them annually through the form 347.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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What is Form 347? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Form 347 is an annual informative declaration to the Tax Agency that must be submitted in order to report transactions with third parties when the amount of these is greater than 3,005.06 euros annually.\nThe deadline to file this form is the last day of February of each year and it should detail the transactions carried out during the previous fiscal year.\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Who is required to file Form 347?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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According to article 93 of the General Tax Law, the obligation to file form 347 is for all those individuals and legal persons, public or private, who have carried out professional or business activities and who haven't declared the same transactions through other annual informative declaration. \nEntities referred to in Article 35.4 of the General Tax Law, engaged in business or professional activities, are also included.\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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It is a cross-check informative declaration, which is why the form must be submitted by both clients and suppliers. In this way, the Tax Agency can cross-reference the data reported by both parties and validate that the information declared is correct.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Are there any exemptions in filing the form?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Yes, in certain cases it's possible that you don\u2019t have the obligation to submit this form. The following persons or entities shall be exempt from filing it:\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Those who engage in business or professional activities in Spain but do not have their economic activity headquarters, fiscal residence, or a permanent establishment within Spanish territory. Nor in the case of entities under the income attribution regime established abroad without having a presence in Spanish territory. <\/h3><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Those individuals and entities under the income attribution regime that are taxed in Personal Income Tax by the objective estimation method and, simultaneously, in VAT by the special simplified regimes or the agriculture, livestock and fishing regime, or equivalence surcharge, except for transactions that issue an invoice.<\/h3><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Those who, as a whole, have not carried out transactions exceeding the total amount of 3,005.06 euros during the corresponding calendar year.<\/h3><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Taxpayers registered in the Monthly Refund Regime (REDEME) are also exempt from submitting Form 347, as they are required to keep their VAT Records through the AEAT Electronic Headquarters and are included in the Immediate Supply of Information (SII). <\/h3><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Those who have exclusively carried out transactions not subject to the duty to declare, as stipulated by law (article 33 of the RGAT).<\/h3><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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On the other hand, there are certain transactions excluded from form 347, the most common of which are:\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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