The Importance of the Annual Statement of Operations
Recent regulations from the Tax Agency have established an essential requirement for many self-employed workers in Spain: the filing of form 347, which acts as the Annual Declaration of Operations with Third Parties. This declaration is vital for informing the Administration about specific economic transactions.
What does model 347 imply?
The 347 declaration is an information document that must be submitted by both self-employed individuals and companies. This obligation comes into force when operations with a client or supplier exceed 3,005.06 euros over the course of a calendar year. The objective of this measure is to facilitate the task of the Treasury to cross-check data and verify the consistency of operations reported by different taxpayers.
Who must file the declaration?
Several groups of workers must comply with this obligation. It includes self-employed workers and companies that have carried out operations exceeding the established amount, as well as homeowners’ associations and non-profit entities that have acquired goods or services for a similar value. However, there are exceptions for those who do not exceed the aforementioned limit or who are covered by specific regimes.
Exceptions to consider
Some situations that exempt from this obligation include: not exceeding the limit of 3,005.06 euros in operations with the same client, being under simplified tax regimes, or carrying out operations that are already reported in other returns.
Deadlines and submission form
The deadline for submitting form 347 for the 2024 fiscal year ends on February 28, 2025. The return must be submitted electronically through the Tax Agency’s Electronic Office, using a digital certificate or the Cl@ve system.
Risks of non-compliance
Failure to file this declaration can result in severe penalties. The General Tax Law establishes fines ranging from 20 euros for each omitted piece of information, with a minimum of 300 euros and a maximum of 20,000 euros, if the deadlines are not met.
Tips for freelancers
It is essential that self-employed people carefully review their accounting books to identify transactions that exceed 3,005.06 euros with each client or supplier. It is also advisable to ensure that the data matches that of the counterparties, as the Tax Authorities will use this information to validate the declarations.
The submission of form 347 is not only a legal obligation, but also represents a step towards greater transparency and more rigorous control of economic operations in the country.
