Penalties and consequences for not filing Form
Posted: Mon Jan 20, 2025 4:52 am
Lack of information in the declaration;
Not knowing when to submit Form 347;
Add transactions that are exempt;
Errors in the amounts entered;
Uploading a file with the wrong format;
Not including an electronic signature or using a digital certificate that is not valid.
All of this can be avoided if you are careful when collecting information regarding the operations carried out in the fiscal year. It is also important that you read the instructions established by the Tax Agency itself. There you can answer any questions and speed up the process of filling out Form 347.
What to do if there are errors in Form 347?
If you have filed your return and have detected an error, it is possible to make changes or modifications to correct the information. This is done through supplementary or substitute declarations .
On the first page of the model, in the data summary, you will have some boxes available that you can check depending on the correction you need to make. These boxes are the following:
Data Inclusion – This option allows you to add any transactions you may have forgotten to your return at the first opportunity.
Modification or cancellation of data : if you made a mistake in the amounts or in the information of the declaration, with this option you can make changes to the information.
Substitute declaration : you also have the option of filing a corrected declaration to replace the previous one.
For any of the three options, you need to enter a 13-digit identification number that identifies the declaration you want to modify. This way, the system is able to make the change immediately.
347
As we mentioned, Form 347 is very useful for the Tax Agency, as it allows them to check that there are no irregularities with your economic activities. For this reason, not filing the declaration can have list of austria cell phone number serious consequences for your company.
If you do not comply with the specified filing deadline (during the month of February), you will have to pay penalties with interest for late payment. In more serious cases, the company may suffer legal consequences with criminal liability or more thorough inspections by the Treasury.
However, if a declaration is submitted with incorrect information, the consequences change. If this happens, you will receive fines whose amount will vary depending on the number of transactions that have been omitted or whose amounts are not correct.
All of this, in addition to generating problems with the Tax Agency, can cause problems with respect to the image of your company, making it very difficult to obtain new investors to encourage business growth.
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Conclusion
Filing Form 347 correctly is crucial. Make sure you review all of your transaction information to avoid errors. Reconciling your accounting records can help you detect discrepancies, especially if you use software that is compatible with the Tax Agency. If you have any doubts, seek advice from the Tax Agency or an expert. Key recommendations:
Not knowing when to submit Form 347;
Add transactions that are exempt;
Errors in the amounts entered;
Uploading a file with the wrong format;
Not including an electronic signature or using a digital certificate that is not valid.
All of this can be avoided if you are careful when collecting information regarding the operations carried out in the fiscal year. It is also important that you read the instructions established by the Tax Agency itself. There you can answer any questions and speed up the process of filling out Form 347.
What to do if there are errors in Form 347?
If you have filed your return and have detected an error, it is possible to make changes or modifications to correct the information. This is done through supplementary or substitute declarations .
On the first page of the model, in the data summary, you will have some boxes available that you can check depending on the correction you need to make. These boxes are the following:
Data Inclusion – This option allows you to add any transactions you may have forgotten to your return at the first opportunity.
Modification or cancellation of data : if you made a mistake in the amounts or in the information of the declaration, with this option you can make changes to the information.
Substitute declaration : you also have the option of filing a corrected declaration to replace the previous one.
For any of the three options, you need to enter a 13-digit identification number that identifies the declaration you want to modify. This way, the system is able to make the change immediately.
347
As we mentioned, Form 347 is very useful for the Tax Agency, as it allows them to check that there are no irregularities with your economic activities. For this reason, not filing the declaration can have list of austria cell phone number serious consequences for your company.
If you do not comply with the specified filing deadline (during the month of February), you will have to pay penalties with interest for late payment. In more serious cases, the company may suffer legal consequences with criminal liability or more thorough inspections by the Treasury.
However, if a declaration is submitted with incorrect information, the consequences change. If this happens, you will receive fines whose amount will vary depending on the number of transactions that have been omitted or whose amounts are not correct.
All of this, in addition to generating problems with the Tax Agency, can cause problems with respect to the image of your company, making it very difficult to obtain new investors to encourage business growth.
Do you want to stay informed about Finom news? Subscribe to our monthly newsletter to receive the latest news!
By clicking “→” you agree to our terms and conditions
Conclusion
Filing Form 347 correctly is crucial. Make sure you review all of your transaction information to avoid errors. Reconciling your accounting records can help you detect discrepancies, especially if you use software that is compatible with the Tax Agency. If you have any doubts, seek advice from the Tax Agency or an expert. Key recommendations: