You might not be entirely clear on what this form is for, although you might be familiar with the obligation to declare operations exceeding 3,000 euros. But don’t worry, below we’ll explain clearly and simply what Model 347 is, who is obliged to submit it, when it must be submitted, and the consequences of not complying with this obligation.
If you have any questions after reading this information, don’t hesitate to contact us. As experts in tax management, we’ll be happy to help you with this procedure and others related to the Tax Agency.
What is Model 347?
Model 347 is an annual informative declaration where operations carried out with third parties—clients or suppliers—whose total annual amount exceeds 3,005.06 euros, including VAT, must be registered.
Both sellers and buyers are obliged to declare these operations, so the Tax Agency can cross-reference the information provided by both parties and verify that they match.
Who must submit Model 347?
Freelancers, companies, and small and medium-sized enterprises (SMEs) that, throughout the calendar year, have carried out operations with clients or suppliers for an amount exceeding 3,005.06 euros must submit this model. This obligation includes those who pay taxes under direct estimation and also those who do so under module estimation.
Additionally, professional associations, organizations, and societies that meet the same requirements are included.
Specifically, the following must submit the model:
- Those who have made purchases from a supplier exceeding 3,005.06 euros, provided that no personal income tax (IRPF) withholding was applied.
- Those who have sales to a client exceeding 3,005.06 euros without IRPF withholding on the invoice.
However, there are some exceptions to this obligation, such as:
- Operations with social entities.
- Rentals of goods not subject to VAT.
- Transactions without an invoice or with a simplified invoice (e.g., tickets).
When should Model 347 be submitted?
This model must be submitted annually between February 1st and March 1st. Due to its exclusively informative nature, it is not possible to request an extension for its submission.
The only exception for extending the deadline is if technical issues arise when attempting to submit it electronically. In that case, an additional 4 days are granted to complete the process.
What happens if it’s submitted late?
Failure to submit Model 347 within the established period can result in economic penalties. Fines can range from 300 to 20,000 euros, depending on the volume and relevance of the omitted or incorrect data.
Therefore, it’s essential to ensure you comply with this obligation in a timely and proper manner. To avoid errors or delays, it’s best to have professional tax advice to handle these procedures for you.
At DAEM, we are committed to offering you updated and rigorous information in all our content. However, because tax regulations can change and due to the complexity of some procedures, we always recommend personalized advice to adapt to the specifics of each case.
Trust our specialists to manage your tax documentation correctly and avoid potential penalties.
