Officially known in Spanish as: “Modelo 347: Declaración anual de operaciones con terceras personas”.
Download the official document of instructions to fill in Form 347, the annual declaration of operations with third parties in PDF format provided by the Tax Agency.
This is one of the forms that give Hacienda the most information about your activity, so it is important to do it correctly. We recommend that you look for the advice of tax specialists who are experts in this matter or file it with us.
What is Form 347?
Form 347 is the annual declaration of operations with third parties, which is filed in February of each year, and allows the tax authorities to cross-reference information on economic transactions between suppliers and customers.
The operations that as a whole have an amount higher than 3,005.06 euros, must be declared in this Form:
- Grants and non-refundable aid.
- Transactions with insurance companies.
- Advances from customers and suppliers.
- Leases not subject to withholding tax.
- Deliveries and acquisitions of goods and services, both those subject to and not exempt from IVA and those not subject to or exempt from IVA.
- Real estate transactions.
Who is required to file it?
The tax Form 347 is filed by both self-employed and companies, whether public or private, which in their professional or business activity invoice transactions for an amount greater than 3,005.06€ per year regardless of their nature.
Form 347 is filed by both suppliers and customers so that the Administration cross-checks the data and can validate that the information declared is correct.
The following cases are excluded from filing Form 347:
- Those who carry out business or professional activities in Spain without having the headquarters of their economic activity in Spanish territory and in the case of entities under the tax income allocation regime (“régimen de atribución de renta”) constituted abroad, without having a presence in Spanish territory.
- Those who are obliged to keep the IVA registration books through the electronic office of the AEAT by means of the Immediate Supply of Information System (SII).
- Those who have not carried out operations that in total with respect to another person or entity have exceeded the amount of 3,005.06€ during the current calendar year or 300.51€ in the same period when they carry out the collection on behalf of third parties.
- When transactions not subject to the duty of declaration have been carried out exclusively.
- All those who are obliged to report on the operations that are included in the IVA registration books (except those who are obliged by application of article 36 of Royal Decree 1065/2007, of July 27th).
- Individuals and entities in the tax income allocation regime in the IRPF (for activities that are taxed in the IRPF in objective estimation) and in the IVA of simplified special regimes or fishing, livestock, and agriculture.
What is the deadline for filing form 347?
The month of February. As of the declaration corresponding to the financial year 2021, to be presented in 2022, the date of presentation will be February.
What is declared in this model?
In this form, you have to declare all operations that exceed the amount of 3,005.06€ per year except:
- Transactions carried out by entities of a social nature
- Leases of goods exempt from Value Added Tax (IVA) carried out by individuals or entities without legal personality.
- Transactions carried out free of charge or where no invoice is issued or where the recipient is not identified on the invoice.
How is it submitted?
The amount that you have to declare on Form 347 is the total amount collected or paid in each operation, taking IVA into account.
And above all remember, when January ends and you have done your annual summary taxes, your obligations will not end. Form 347 is presented in February.
Many of us are self-employed and this tax is really decisive because the Treasury uses it as a tool against fraud, because it crosses your data with that of your suppliers to see that the amounts of those operations match.