10 key aspects to fill in and submit Form 347
Deadline to submit Form 347 is the last day of February. Are we obligated to submit this declaration? What operations must we include? These days of February our clients ask us about various aspects related to this form, a form in which we must declare the operations with third parties – either costumers or suppliers – that we have had during the previous fiscal year. We have prepared a list of the 10 aspects that we consider to be the most important when fill in and submitting this form:
1. This form must be submitted by all those natural or legal persons who develop, during the previous fiscal year, professional or business activities with third parties for an amount superior to 3.005,06 €
2. Companies obligated to the SII tax regimen – a tax regimen by means of which some companies must declare received and issued invoices on a monthly basis – are not obligated to submit Form 347. For this reason, some costumers or suppliers, who are not obligated to submit this Form, may not provide us with this information or may be reluctant to it.
3. Form 347 contains a quarterly breakdown and an annual calculation. It is recommended to check with customers and suppliers that both these calculus are correct, that is, that both parties have the same data regarding the same operations.
4. Invoices with withholding, which must be declared in other forms such as Form 180 and Form 190, must not be included in this Form 347.
5. Intra-community invoices must not be declared in this Form 347, as they must be included in Form 349
6. Operations must be declared in the quarter in which they have been declared in Form 303, a quarterly form in which we must declare VAT operations. This, regardless of the invoice date, specially in the case of received invoices. Thus, for instance, an invoice of 30/09/2021 that has been recorded in our books in the fourth quarter, and therefore it has been included in the
fourth quarter declaration of Form 303, must be declared in this fourth quarter of Form 347 regardless of whether or not the costumer or supplier has declared it in the third or in the fourth quarter.
7. All operations that are provision of services with costumers or suppliers from outside the EU must also be declared. Thus, for instance, and invoice issued to or received from an Argentine company for – let’s say – the development of a computer program, must be included in this Form 347. This is not the case for import or export of goods, given that this information is already known by Tax Office thanks customs administration.
8. Operations regarding real state must also be included in this Form.
9. Companies under RECC – cash basis accounting – must declare all these operations without quarterly breakdown.
10. Submission of Form 347 is not done through a platform, but through a form at Tax Office’s website that maintains the same functionalities.
If you need any further explanation, please contact us.
