Form 347: Annual declaration of transactions with third parties

Form 347 is an annual information return that certain business owners, professionals and entities must submit to the Spanish Tax Agency (AEAT) to report transactions carried out with third parties during the previous calendar year when these exceed certain limits established by tax regulations.

Who is required to submit it?

The following are required to submit Form 347:

• Individuals or legal entities (self-employed persons, companies, joint property entities, entities without legal personality, etc.) that carry out business or professional activities.
• When, in the previous calendar year, they have carried out transactions with the same customer or supplier for a total amount exceeding 3,005.06€ (including VAT).
• Entities subject to the Horizontal Property Law, in relation to acquisitions outside of business or professional activities, with certain exceptions.

The obligation is based on the 31st article from the General Regulations on Tax Management and Inspection Procedures (RGAT), approved by the regulations governing this model.

Exemptions or situations in which it is not mandatory to submit it

You are not required to submit Form 347 in the following cases:

• When the threshold of 3,005.06€ has not been exceeded in transactions with a third party during the previous calendar year.
• Persons included in the Immediate Supply of Information (SII) system who keep their VAT records through the Spanish Tax Agency’s electronic headquarters.
• Transactions or activities that are expressly excluded by the regulations (according to Article 32 of the RGAT and current provisions).

Information to be included

The declaration must detail the following for each third party:

• Tax identification number and identification details of the third party.
• Total annual amount of transactions carried out with that third party.
• Possible quarterly breakdown if required by regulations.

Filing deadlines

Form 347 must be filed annually during the month of February of each year, in relation to transactions carried out during the previous calendar year.

The standard deadline covers the entire month of February until the last working day for electronic filing via the Tax Agency’s electronic headquarters.