- Intrastat is a statistical system used for measuring the movement of goods and produce in EU trade. It requires businesses to report the arrivals and dispatches of goods between EU Member States, helping to monitor trade and uncover potential VAT fraud.
- The system uses the Combined Nomenclature (CN) classification system to classify goods using an 8-digit code.
- Intrastat plays a crucial role in providing data for government departments to set trade policies, plan transport infrastructure, and assess markets. Intrastat declarations require businesses to provide statistical and fiscal data, including Member State, commodity code, invoice value, and other information depending on reporting thresholds.
- These declarations are submitted to national statistical bureaus and typically completed monthly, in conjunction with the VAT return.
- Intrastat thresholds vary by country and depend on the reporting thresholds set by each EU Member State.
- Each member state sets its own Intrastat thresholds, which specify the minimum value of intra-EU trade transactions that trigger the requirement for businesses to submit Intrastat declarations.
- It’s advisable for businesses involved in intra-EU trade to regularly check with the relevant national tax or statistical authorities to stay up-to-date with the current Intrastat thresholds in their respective countries.
Source Taxually
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