After a turbulent month of January fiscally speaking, February arrives bringing with it the Annual Informative Declaration of Transactions with Third Parties, which is filed by filling out Form 347. This form must detail the commercial transactions carried out with third parties during the previous fiscal year.
This informative declaration has annual character and is presented during the month of February, concluding the term of presentation corresponding to the fiscal year 2023, the next 29th.
The obligation to file Form 347 arises when the total amount of transactions, including taxes, exceeds €3,005.06 and, when calculating this limit, it is essential to accurately separate deliveries and acquisitions of goods and services, which are declared quarterly.
The responsibility for filing this return falls on individuals and companies that carry out business or professional activities, as established in the Value Added Tax Law. This includes communities of property under horizontal property regime, social entities and those who charge fees or rights on behalf of their associates.
However, there are exceptions and, among other circumstances, those operating outside Spain, individuals under specific tax regimes and those who do not exceed certain transaction limits may be exempt. Also excluded are those who keep electronic books through the electronic office of the State Agency of Tax Administration (Agencia Estatal de Administración Tributaria).
They are also excluded from the obligation to be declared:
- Deliveries of goods or provision of services for which taxpayers are not required to issue and deliver invoices.
- The operations that have been previously declared in other informative declarations, as it is the case of the operations declared in the Forms 180 and 190.
- Transactions involving the delivery of goods to third countries (imports and exports of goods). However, those of services must be declared.
- In case of a transaction with inversion of the taxpayer (acquisition of services from third countries), the corresponding box must be checked.
- Deliveries and acquisitions of goods between the Spanish mainland or the Canary Islands, Ceuta or Melilla.
- Deliveries of goods subject to VAT (exempt and non-exempt) must be declared separately.
- The operations declared in the Form 349 (informative declaration of intracommunity operations).
Regarding the ways of filing Form 347, the Tax Agency distinguishes between individuals who may file their return with advanced electronic signature or using the signature system with access key in a previous registration as a user (Cl@ve PIN), while taxpayers attached to the Central Delegation of Large Taxpayers, legal entities and entities without legal personality, are required to file electronically by means of advanced electronic signature.
In summary, the Annual Declaration of Operations with Third Parties is a complex tax process that requires attention to ensure the accuracy of the declaration of business operations of the previous year, since it is necessary to analyze in detail the casuistry in each specific case. If you need more information about this declaration, do not hesitate to contact MDG Asesores and our tax team will be pleased to assist you.
Sandra Gámez Chaves
