Deadline to submit the form
Until the 2nd of March, 2020
List of individuals or entities with which transactions have been made, regardless of the kind or nature of these, if they are worth more than €3,005.06 (base + VAT), during the calendar year that the return refers to, in this case 2019.
A breakdown of the information about these transactions shall be supplied every three months, except fortax payers that use and are beneficiaries of the Special Cash Accounting Regime and entities that are subject to the horizontal property regime, which will supply the information on an annual calculation basis, as well as about the amounts paid in cash.
The tax payers that use the SII (Immediate Supply of Information on VAT) (and those who willingly decide to use it) do not have to file the form 347.
Period in which the transactions must be declared
It shall be assumed that the transactions have been carried out in the period when a note is made in the ledger about the invoice or the document that replaces it, to account for the transactions. Remember that a note must be made in the ledger about the invoices issued when they are paid along with the corresponding VAT, while the incoming invoices are included in the ledger as soon as they are received.
Both the tax payers that are included in the Special Cash Accounting Regime and the tax payers that are beneficiaries of the transactions included in this special regime shall be expected to declare the annual amount of the transactions (invoices received in 2019) and the annual amount of the transactions due that are included in the Special Cash Accounting Regime (value of the invoices paid in 2019).
Transactions to be declared in the return
a) Transactions for which an invoice must be issued, the supply of goods and services, the acquisitions made by the tax payer, both the regular ones, the occasional ones and even real estate transactions and subsidies, assistance or support that cannot be refunded, which can be granted or received. Please bear in mind that the transactions must be included whether they are subject to VAT or not and in the former case, those that are exempt of this tax too.
b) Amounts over €6000 that have been paid in cash of each of the individuals or companies mentioned in the information return.
c) The rest of the transactions must be recorded separately:
The amounts received for the transfer of real estate, paid or due, which are payments subject to the VAT.
Transactions included in the Special Cash Accounting Regime.
Transactions with taxpayer Investment (only the beneficiaries).
Transactions with goods associated or that are going to be associated with the deposit system, which is different from that of customs, which is exempt of VAT.
Rentals of business establishments. Only those for which the corresponding withholding tax has not been imposed. The lessors do not have to declare rentals that are subject to the withholding tax in this form.
Transactions that shall not be included
a) Imports and exports of merchandise. The deliveries and acquisitions of goods that are sent between the Spanish mainland and the Canary Islands, Ceuta and Melilla do not have to be declared either.
b) In general, all the transactions for which information has to be supplied to the Spanish Tax Agency through the specific tax returns such as the annual withholding summary forms filed (for example. 180, 182, 190, 193 and 296) and the recapitulatory return of intra-community transactions form 349, whose content coincides.
c) Transactions concerning the supply of goods and services for which the tax payers are not required to issue and submit invoices with the full identification details of the beneficiary.
Value of the transactions
- The total amount of the remuneration is understood to include, where appropriate, the VAT paid, equivalence surcharge and payment of compensation under the special VAT scheme for agricultural activities.
- The transactions in which there were subsequent rebates, discounts, allowances or modification to the tax base (for example, in the case of insolvency proceedings) must be included in the three months in which they were carried out, as long as the result of these modifications is, together with the other transactions carried out with the same individual or company in the calendar year, above the amount of 3005.06 euros.
We would like to remind you that the following entities must also submit this information return:
a) Joint owners of horizontal property (Homeowners’ Associations).
b) Social entities or establishments (Art. 20.Three VAT law), for acquisitions of goods and services in general carried out outside business or professional activities, even if they do not carry out any activities of this nature.
The returns shall be prepared and filed
1. – Directly online through the Spanish Tax Agency website by filling in the form with the appropriate data.
2. – By importing the return file that is produced by the company’s own accounting programme.