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Intrastat / intrastat returns

Intrastat is the system whereby information is collected so as to produce statistics about the trading being carried out between European countries. Intrastat started off in 1993, and at the time it replaced the declarations to become the main source of trade statistics for the EU. Intrastat considers only the trade of goods, since the supply of services is excluded from it. Intrastat covers goods that were bought and sold, as well as goods which moved between EU countries for some other reason besides buying or selling. The importance of Intrastat lies in the fact that statistics can be used and interpreted to make important decisions, such as the type of infrastructure that may be needed, as well as for trade policies. Intrastate also gives a good idea of the economy’s state. Intrastat is also a good tool to fight against VAT fraud. A VAT-registered business that engages in trading with one or more EU member states is obliged to declare certain information. Basically, each European country has an annual reporting threshold set. A business that does not go over this threshold is not required to file the Intrastat forms. However, any business that exceeds that reporting threshold will need to submit this. Since these matters relating to Intrastat may seem to be rather complicated and demanding, the services of a fiscal representative to see to these tasks are highly recommended.

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