{"id":18996,"date":"2016-11-15T09:35:04","date_gmt":"2016-11-15T08:35:04","guid":{"rendered":"https:\/\/etl-ilia.es\/general\/nuevas-sanciones-de-hacienda-para-el-modelo-340\/"},"modified":"2024-07-26T19:58:54","modified_gmt":"2024-07-26T17:58:54","slug":"new-sanctions-treasury-form-340","status":"publish","type":"post","link":"https:\/\/etl-ilia.es\/en\/tax-advice-blog\/new-sanctions-treasury-form-340\/","title":{"rendered":"New sanctions from the Treasury for Form 340"},"content":{"rendered":"

It is possible that you already know, if you have a company registered in the Monthly VAT Refund Scheme (REDEME)<\/strong>, that you are obliged to present Form 340 every month to avoid penalties from the Treasury.<\/p>\n

This post informs you of the changes in the penalties for this form so that you can be prepared and avoid unwanted fines for your company.<\/p>\n

As it is possible that you are not aware of this, I will tell you what Form 340 is used for.<\/p>\n

What is Form 340?<\/h2>\n

Form 340 is a monthly informative declaration of the operations included in the VAT and ICI registration books<\/strong>. If you opt for the monthly statement, it must be presented every month without exception.<\/p>\n

Remember that your company can submit this form annually or monthly, but it must continue doing so, or it will be severely penalized by the Tax Agency.<\/p>\n

What is included in Form 340?<\/h2>\n

Many people do not know what they should include in the form, so I will tell you the main data to include in Form 340:<\/p>\n

    \n
  • Record book of invoices issued<\/li>\n
  • Record book of invoices received<\/li>\n
  • Investment goods operations<\/li>\n
  • Some community operations<\/li>\n<\/ul>\n

    You may not know that The Treasury has changed the penalties provided for not submitting the form<\/strong>. The changes are substantial and high, so it is essential to be current.<\/p>\n

    What has changed in Form 340?<\/h2>\n

    Due to the different criteria in place, when a mistake was made in Form 340, a fixed penalty of \u20ac200 was usually applied<\/strong> (which is generally used if there has been no financial loss to the Treasury).<\/p>\n

    From now on, the Treasury has decided to unify the criteria it previously applied to provide it with a previously non-existent coherence.<\/p>\n

    The changes imply that:<\/p>\n

      \n
    • Each piece of information omitted will lead to a fine of \u20ac20<\/li>\n
    • The minimum is set at \u20ac300<\/li>\n
    • The maximum at \u20ac20,000<\/li>\n<\/ul>\n

      You will notice that the risk of not filing is very high, especially compared to the previous situation.<\/p>\n

      What happens if Form 340 is submitted late?<\/h2>\n

      In addition to its monthly obligation and the increase in fines for filing with errors, there is something you should know before submitting the form.<\/p>\n

      If you have yet to be required by the Treasury and the deadline for submission has passed, you can submit it and save yourself a significant part of the fine.<\/p>\n

      In that case, the fine will be reduced by half<\/strong>. Considering the changes made by the Treasury, it is essential to consider whether you have acted incorrectly.<\/p>\n

      Now you know how the Treasury penalties for Form 340<\/strong> have changed. Please do not fail to submit it; you will receive a cold request from the Treasury.<\/p>\n

      If you need to know more, you can consult our Tax Advice<\/strong><\/a> service.<\/p>\n<\/div><\/div><\/div><\/div><\/div>