Confirmed: Treasury Forces Many Spaniards to Do This as Soon as Possible

The Tax Agency has established an obligation for thousands of self-employed individuals in Spain: to submit Form 347. This form, called the "Annual Declaration of Operations with Third Parties," is essential for informing the tax authorities about certain economic transactions.

What Is Form 347 and Why Is It Mandatory? Tax Authorities Rule

Form 347 is an informative declaration that must be submitted by self-employed individuals and companies. They will do so if, during a calendar year, they have conducted operations with a client or supplier exceeding 3,005.06 euros (3,005.06 EUR), VAT included.

Its purpose is for the tax authorities to cross-check data and verify the consistency of operations declared by different taxpayers. Don't fall asleep and do what the tax authorities require of you.

Workers Required to Submit It in February

Several types of workers are required to submit Form 347. For example, self-employed individuals and companies that have conducted operations with third parties that, in total, exceed 3,005.06 euros (3,005.06 EUR) during the calendar year.

Also, entities such as homeowners' associations and non-profit organizations that, although not conducting business activities, have made acquisitions of goods or services above that amount. However, there are exceptions for those not required to submit such a form.

• They have not exceeded the limit of 3,005.06 euros (3,005.06 EUR) in operations with the same person or entity.
• They are under the objective estimation regime in the IRPF and the simplified VAT regime, except for operations for which they issue an invoice.
• They conduct operations that are already reported in other specific declarations, such as intra-community or those subject to withholding.

Deadline and Method of Submission for 347

The deadline to submit Form 347 for the fiscal year 2024 ends on February 28, 2025. The submission must be made electronically through the Electronic Headquarters of the Tax Agency, using a digital certificate or the Cl@ve system.

Failing to comply with this obligation can result in significant penalties. According to the General Tax Law, the fine for not submitting informative declarations like Form 347 on time is 20 euros (20 EUR) for each omitted piece of data or set of data. There is a minimum of 300 euros (300 EUR) and a maximum of 20,000 euros (20,000 EUR).

Recommendations for the Self-Employed

It is essential for self-employed individuals to review their accounting records to identify operations exceeding 3,005.06 euros (3,005.06 EUR) with each client or supplier. Additionally, it is advisable to ensure that the data matches that of the counterparts. The tax authorities use this information to cross-check and verify the accuracy of the declarations.

Overall, the submission of Form 347 is an unavoidable obligation for many self-employed individuals and companies. Complying with it not only avoids penalties but also contributes to greater transparency and control in the country's economic operations.