In February we are not free from tax obligations either. In this case, we have to file Form 347, an annual informative declaration that must be filed by businessmen and professionals who carry out transactions with third parties that, as a whole, exceed 3,005.06 euros during the fiscal year 2024.
Some of the transactions that must be declared in this form are:
- Non-reimbursable subsidies and grants.
- Operations of insurance companies.
- Advances from customers and suppliers.
- Leases not subject to withholding.
- Deliveries and acquisitions of goods and services, both those subject to and not exempt from VAT and those not subject to or exempt from VAT.
- Real estate transactions.
However, there are always some exemptions, such as taxpayers whose tax domicile, permanent establishment or place of business is not in Spain, or transactions considered as deliveries and acquisitions of goods between the Spanish mainland or the Canary Islands, Ceuta or Melilla, among others.
The information provided in Form 347 is crucial to guarantee transparency in business relations and ensure compliance with tax obligations, so that the Tax Agency can control tax fraud and ensure that transactions between companies and self-employed people are correctly declared.
In short, we consider that it is important to comply with this informative declaration to avoid legal problems and ensure compliance with current regulations.
If you are interested and need more information, do not hesitate to contact MDG Advisors. We can help you!
Lucía Luengo Aguado.
