Form 390 is a mandatory declaration that you must know and submit to the Treasury each year. Here we present a complete guide so you can learn what it is, how to fill it out, who has to submit it and much more. Let’s get started!
What is Form 390?
Form 390 is an informative declaration that annually summarises all operations involving the collection of VAT (Value Added Tax). It was approved according to Order EHA/3111/2009 on 5 November.
Its purpose is to inform the Tax Agency of your economic activities related to VAT. The model works as a summary of all the data declared in Form 303, which is submitted quarterly.
Who must file Form 390?
Law 37/1992 on Value Added Tax , in its Article 164 “Obligations of taxpayers”, establishes that all taxpayers are obliged to present an annual summary of the VAT of their operations.
This means that all entrepreneurs and professionals who carry out an economic activity that involves the payment of said tax must submit Form 390 to the Tax Agency.
However, there are some special cases in which this form is not required. These are:
- self-employed workers who pay taxes by modules;
- those who are registered in the REDEME (Monthly VAT Refund Registry);
- those that are registered in the special regime of the group of entities;
- urban property landlords and large companies with a turnover of more than €6,010,121.04 per year , as they are required to keep their accounts analytically and have other obligations.
When is Form 390 submitted?
Article 6 “Deadline for submitting Form 390” of Order EHA/3111/2009 establishes that Form 390 must be submitted within the first 30 days of the month of January following the year to which the declaration refers.
If the last days of January fall on a Saturday or Sunday, the deadlines for submitting Form 390 are extended until the next business day.
Information to be included in Form 390
To file Form 390, or the annual tax summary, it is important that you include as much information as possible, starting with your tax identification number (NIF) or the details of the legal representative who will file the declaration on your behalf.
There you have to include the following information:
- The VAT accrued, that is, the total tax that you have charged your customers for the sale of your products or services during the year.
- The VAT incurred must also be presented , which corresponds to the tax paid to suppliers for the purchase of goods or services.
- The taxable base (value of the transactions carried out without including VAT) and the tax rate for each transaction must be included, since not all are subject to the same percentage.
- The origin of the income and expenses must be established, that is, mention whether they were made at a national level, with countries of the European Union or with those that do not belong to said organization.
- Finally, the acquisition of goods and investments must be entered.
It is important to mention that all data entered in this model poland email list must exactly match the information presented in the quarterly settlements with Model 303.
Procedure for filling out Form 390
Let’s now talk about the recommended procedure for learn how to analyze it filling out Form 390 and avoiding errors in the declaration, highlighting that the first step should be to have all the sms To data information mentioned above at hand. For this, we recommend that you directly use Forms 303 previously submitted to the Tax Agency.
The information is entered through the electronic headquarters of the Tax Agency. In this regard, the official Treasury website shows the order in which you have to fill out Form 390:
- Identification of the taxpayer
- Accrual
- Statistical data
- Representative information (if applicable)
- Operations carried out under the general regime
- Operations carried out under a simplified regime
- Annual settlement result
- Taxation based on territory
- Result of the self-assessment of the tax
- Trading volume
- Specific operations
- Prorated
- Activities with different deduction regimes
Once the information is completed, it is necessary to electronically sign the document for subsequent validation. After checking that there are no errors, it can be submitted electronically or at a physical Treasury branch.
Useful tips and most common mistakes
In order to comply with the procedure for Form 390 Annual Summary, it is necessary to have all your financial information organized, and it is also advisable to use management programs that simplify the process. You can consult the instructions of the Tax Agency and even ask a tax advisor for help.
All of this will allow you to avoid common errors in calculations, since many people tend to have incomplete information or do not differentiate the VAT rates in each transaction. Do not forget to submit Form 390 within the correct period to avoid any fines.