Everything you need to know about the 347 tax form

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Form 347 is an informative declaration that must be filed with the Tax Agency by individuals and legal entities that carry out an activity and carry out transactions with third parties that exceed certain economic limits (€3,005) during the tax year. This form is crucial for the Tax Administration as it provides information on economic transactions between companies, which contributes to the fight against tax fraud and facilitates the control of economic activities.

 

When is Form 347 filed?

Form 347 must be filed annually during the month of February, specifically between the 1st and 27th, in relation to the previous tax year. It is important to take this deadline into account in order to avoid possible penalties for late filing.

 

What data is included in Form 347?

The Form 347 form contains detailed information on transactions carried out with third parties that exceed the limits established by law. Some of the data that must be included in this form are:

  •  Identification of the declarant: Tax details of the individual or legal entity filing the return.
  • Identification details of the third parties: Tax ID number, name or company name of the customers or suppliers with whom transactions have been carried out.
  • Total amount of transactions: Total amount of transactions carried out with each third party during the tax year.
  • -Breakdown of transactions: Details of the individual transactions that have exceeded the established limits.

 

Form 347 is of great importance for the Tax Agency and for taxpayers. For the Tax Administration, this declaration provides valuable information on economic transactions between companies, which facilitates the detection of possible tax irregularities and contributes to the fight against fraud. On the other hand, for taxpayers, compliance with this tax obligation guarantees compliance with current tax regulations and avoids possible penalties for non-compliance.

 

If you have any doubts about this model or would like us to help you with your accounting and tax obligations, please do not hesitate to contact us. Our team is at your disposal to help you.