Do you know about Model 390? Do you know what it’s about and who needs to submit it?
These are just some of the questions we’ll answer in this publication. But don’t worry, we’ll clearly explain what this form from the Tax Agency entails, and if any concerns arise, you can contact our tax team, who will be happy to assist you.
What is Model 390?
Model 390 is an annual informative declaration that compiles data related to VAT submitted throughout the year using Model 303.
It’s a document that must be submitted to the Tax Agency at the end of the fiscal year, and although it doesn’t involve making a payment, its submission is mandatory.
Who must submit Model 390?
This form must be submitted by both freelancers and companies that have carried out operations subject to Value Added Tax (VAT).
It’s essential that the data declared in this summary matches what was reported in the Model 303 forms submitted during the year. If there’s any discrepancy, the Tax Agency could initiate a review to identify the cause of the difference.
When should Model 390 be submitted?
This document must be submitted at the beginning of the year following the fiscal year being declared, specifically between January 1st and January 30th.
The submission is done exclusively electronically through the official portal of the Tax Agency.
And since it’s an informative declaration with no payment obligation, an extension for its submission cannot be requested.
What is the purpose of Model 390?
The objective of this model is to offer a detailed summary of all VAT-related operations that have been declared during the year through Model 303 forms.
In other words, it functions as a consolidated tax information report for VAT, both for self-employed professionals and for companies.
What happens if Model 390 is submitted late?
If this model is not submitted within the established timeframe, both economic and administrative penalties can be imposed.
If it’s submitted late without the Tax Agency’s intervention, the following surcharges will be applied to the VAT amount:
- Up to 3 months delay: 5% additional
- Between 3 and 6 months: 10% surcharge
- Between 6 and 12 months: 15% additional
- More than 12 months: 20% surcharge plus late payment interest
If the Tax Agency detects the non-compliance and issues a request, the type of penalty will depend on the severity of the infraction:
- Minor infraction: 50% penalty on the outstanding amount
- Serious infraction: between 50% and 100%
- Very serious infraction: can exceed 100%, even reaching 150%
What’s the difference between Model 303 and Model 390?
Model 303 is the VAT declaration that is submitted monthly or quarterly depending on the case, while Model 390 is an annual summary of all those periodic declarations. Both must be perfectly aligned to avoid problems with the Tax Agency.
At DAEM, we work to provide reliable and up-to-date information in all our content. However, we understand that tax regulations can change and each situation may require a specific analysis. Therefore, we always recommend seeking advice from a professional who can guide you appropriately according to the specifics of your business.
