What is the deadline for submission of Form 347 corresponding to 2013?
The deadline for submission of Form 347 corresponding to 2013 is February 2014.
How should the information be entered in Form 347 starting from the 2011 declaration?
Generally, the information must be broken down by quarter, except when it relates to amounts received in cash, which will continue to be provided in annual terms, and with the exception of taxpayers enrolled in the REDEME (the Special Regime for Monthly VAT Refunding) who submit Form 340.
Are taxpayers enrolled in the REDEME (the Special Regime for Monthly VAT Refunding) required to submit Form 340 and also Form 347 corresponding to the 2012 fiscal year and subsequent years?
No. Using the declarations corresponding to the 2012 fiscal year, taxpayers must only submit either Form 340 (REDEME) or Form 347 (other taxpayers not included in REDEME), but never both at once.
In Form 347 does the attribution criteria change for invoices starting from the 2011 declaration?
Yes. The same attribution criteria as in Form 340 must be used. Transactions will be deemed to have taken place in the period in which the invoice or other document that replaces it as a receipt is logged.
Issued invoices must be logged when the tax correponding to these transactions is settled or paid. Invoices received must be logged in the order in which they are received and within the settlement period in which their deduction must be made.
With the new attribution criteria, can there be discrepancies between the amounts declared by the client and the provider?
Yes. Discrepancies arise when the invoice is received from the client and logged in a different quarter to when it was issued by the provider.
Example: company X sold to Y for the amount of 10,000 euros on 20 March 2012. Company Y received the invoice on 30 April and logged it in the received invoices book on that date.
In X’s Form 347 the indicated transaction must be included with code “B” in the box corresponding to Q1 and in Y’s Form 347 it will be included with cose “A” in the box corresponding to Q2.
How are transactions declared when there are subsequent refunds, discounts or modifications to the taxable base?
These situations in which modifications are made must be logged in the calendar quarter in which they took place, whenever the result of these modifications, along with the rest of the transactions made with the same person or organisation in the calendar year, exceeds the figure of 3,005.06 euros. This amount will be recorded in the declaration with a minus sign.
How are amounts declared when they are received in consideration of transfers of property, which constitute supplies subject to VAT?
They must be declared in the same record as the rest of the transactions, but separately in the boxes corresponding to the quarterly and annual amounts that are received from transactions corresponding to property transfers subject to VAT.
Moreover, in the boxes corresponding to Annual transactions amount and Quarterly transactions amount, the transactions amount must be recorded to include property transfers, but excluding insurance transaction amounts (insurance entities) and letting, which must be logged in a separate record.
What must an issued invoice contain?
Company name / complete name, adress and NIF (Fiscal Identification Number) or CIF (Fiscal Identification Code) of the issuing company and the addressee. In the event that the invoice issuer is a company, its business registration information.
What information must the received invoice contain so that I can deduct the VAT?
With the exception of specific cases, the information that the invoices must contain is as follows:
- Invoice number
- Issue date
- Company name, NIF (Fiscal Identification Number) and address both of issuer and the receiver.
- Description of transactions
- Taxable base
- Tax rate
- Tax payable
- Service provision date (if different to issue date)
When the transactions are exempt from VAT, reference to the corresponding provisions of Directive 2006/112/EC or the relevant precepts in the VAT Law or an indication that the transaction is exempt from VAT.
If the VAT taxpayer is the purchaser or recipient of the transaction, the statement inversion of the taxpayer.
What is understood by "vivienda habitual" (permanent residence) in the IRPF (income tax return)?
It is the building where the taxpayer resides during a minimum continued period of three years. Fulfilment of the three-year period effective residency is not required when, during this period, the taxpayer has died or circumstances arise that force the taxpayer to move home, such as marital separation, moving for employment purposes, starting a first job or a more advantageous job, change of employment, etc.
What is the deadline for submitting the income tax return?
The period for submitting the IRPF (income tax) return corresponding to the 2013 fiscal year begins on 5 May and ends on 30 June 2014.
What is the retention rate in the IRPF for dividends?
The retention rate is 21% until 31.12.2014 (the same as in 2013).
What is the taxable period for corporation tax?
The taxable period for this tax coincides with the fiscal period of each entity, which cannot exceed 12 months. This fiscal period is determined in the articles of association. As for the accrual date for the tax, it coincides with the last day of the taxable period.
However, the taxable period is understood to end on a different date to the end of the fiscal period when, among other circumstances, the entity is terminated or the company moves its domicile abroad.
What is the deadline for submitting quarterly VAT returns and the annual coporation tax return?
Quarterly VAT returns:
- For the first quarter of the year: 20 March (or the next working day).
- For the second quarter of the year: 20 July (or the next working day).
- For the third quarter of the year: 20 October (or the next working day).
- For the fourth quarter of the year: 30 January (or the next working day).
Corporation tax: The corporation tax return must be submitted within 25 days following the six-month period after the end of the taxable period. As a rule of thumb, if the company’s taxable period coincides with the calendar year, the deadline is 25 July.