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When is the deductible VAT declaration submitted?

Posted: Mon Jan 20, 2025 5:14 am
by sakibkhan22197
Deductible VAT and form 303
Form 303 is the form used to file the quarterly VAT declaration with the Tax Agency. It is where all transactions involving the payment or collection of this tax are registered and declared.

In this sense, the model must specify which goods or services have been purchased in relation to the economic activity. Correctly recording this is essential if you want to obtain the right to the deduction.

In order to comply with the procedure established by the Tax Agency, it is necessary to consider boxes 28 to 40 for deductible VAT. On the other hand, boxes 40 to 46 are used to calculate the VAT corresponding to each tax base.

Deadlines and procedures for deducting deductible VAT
Normally, the right to claim a tax deduction arises from the moment the tax is paid, that is, when the good or service is purchased. This is indicated from the date of issue of the invoice involved.

From that moment, the company, self-employed person or professional has a period of up to 4 years to apply for the deduction. If no declaration has been made during that time, then the money will remain in the possession of the Tax Agency .


Since the deductible VAT must be recorded in Form 303 itself , the declaration must be filed every three months on an obligatory basis.

This declaration can be made at a physical Tax Agency list of canada cell phone number office, or online. For the second case, you will need a Digital Certificate or Cl@ve PIN to access the Tax Agency's Electronic Office and be able to identify your company.

Once you enter the system, you will have to fill in the boxes we mentioned above (from 28 to 40). However, it is important that you have all the invoices corresponding to the deductible expenses on hand, since the Treasury will request them in order to corroborate that you can actually benefit from this right.

This entire process must be completed during the first 20 days of the month following the quarter or tax period being evaluated.

We must mention that, if the amount of deductible VAT is greater than the VAT charged, the Tax Agency will have to refund you. This is only possible if you meet the requirements set out in Law 37/1992.

Consequences of incorrectly deducting VAT
You already know what deductible VAT is, so it is easy to imagine its importance for the Tax Agency. This is precisely why the following types of errors cannot be committed:

Formal violations : are those related to non-compliance with the procedures established in the standard, such as submitting the declaration after the deadline or even not submitting it.
Material violations : These are usually the most serious, as they are directly related to the lack of information in the declaration or the inclusion of deductions that are not applicable.
In this sense, the consequences of deducting VAT incorrectly will depend on the type of infringement. Depending on the case, the most common sanction is a fine that will depend on how much money is incorrectly deducted. Companies may also face legal consequences depending on the severity of the problem.