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Intrastat reporting is a key tool for collecting data on trade in goods between european union member states. This system replaces customs declarations for goods crossing borders within the European Union, allowing companies to simplify the process of reporting trade flows. Read on to learn more about intrastat reporting obligations, the information that must be reported, and the benefits this system can bring to your business.
Intrastat reporting is a system for collecting statistical data on trade in goods between european union (eu) member states. It records the movement of goods across eu borders, and the data is crucial for analyzing trade flows and forming economic policies.
Intrastat is a statistical system that replaces customs declarations for trade within the eu. When the single market was established in 1993, customs borders within the eu were removed, leading to the creation of intrastat to monitor trade between member states.
It covers goods moving between eu member states, including dispatches (exports) and arrivals (imports).
Companies involved in trade of goods between EU member states whose trade value exceeds a certain threshold are required to submit intrastat reports. Thresholds vary by country and may change from year to year.
Typically, thresholds are defined for dispatches and arrivals, and if a company exceeds these thresholds, it is required to submit intrastat reports.
Reports are submitted on a monthly basis, and submission deadlines may vary by country, but are usually by the 15th or 20th of the month for the previous month.
Delays in submitting reports or incorrect data reporting can result in fines or administrative sanctions.
Certain goods and transactions may be exempt from intrastat reporting, such as financial products, intellectual property, or specific goods that are not physically transported (e.g., electronic services).
There are special provisions for returned goods, goods passing through warehouses, and transactions such as leasing or rental.
The intrastat system is an important tool for collecting data on trade within the EU, and understanding and complying with its requirements is essential for companies involved in international trade.
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