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.
Intrastat & intrastat returns related requests?
VACUE can appoint a fiscal representative to take care of all taxation matters for your business, including the Intrastat. Just click on the Request Information button so as to sow your interest in this service.
If your business is trading in goods with one or more European countries, it needs to be aware of your obligation with regards to Intrastat. Even though this may seem to be just another burden for your business operations, it is ultimately something that you can benefit from as well. Thanks to the trade data and statistics you will be able to assess your market share, as well as be aware of any gaps in the market which you could venture in. Thus it is important for every business to supply accurate and complete data, and that this is done by the specified date. Businesses who fail to do this, or who are returning inaccurate data, could suffer from penalties. A fiscal representative will be able to take care of the submission of your Intrastat return so as to avoid this. So, it is in your best interest to abide with these rules.
How does it work?
The process is really simple and quick.
- Contact VACUE online by filling in the form on the website 'Information Request'. Explain what you are enquiring about, that is, if it is about Intrastat or Intrasta return issues.
- Upon receiving your request we will then get in touch with our specialists, depending on what you explained in your request. There are several specialists who will be able to suit your specific needs.
- These specialists will subsequently contact you, either by calling you or by sending an email. It is VACUE's priority to ensure that communication is as prompt as possible, and so we guarantee that you will receive a reply from the tax specialists within just 8 hours.
- Within 8 hours the specialist will update VACUE with the status of your request so that we will be informed of what is going to happen with regards to the service required, and be in a better position to manage it all for your utmost satisfaction.
The fiscal representative will know how and when to submit the Intrastat return. Depending on your arrivals and dispatches with other European countries, and how this compare to the threshold of the country, the fiscal representative will know which parts to fill in. Intrastat returns have to submitted by the 21st day of the month that follows the period that you are reporting on. For example, your August return has to be submitted by the 21st of September. The reference period could vary in case your company is approved to use non-standard VAT periods. But this is a matter that is best left in the hands of a fiscal representative who will be aware of the rules. He or she will also choose the best method so that your business will be meeting Intrastat requirements. The fiscal representative will take care of all the paperwork, including the Intrastat Supplementary Declarations and the data that needs to be entered in them.