What is INTRASTAT?
INTRASTAT is the
system used within the European Union to record transaction
information and values that happen between each of the 27
countries.
It is mandatory for VAT registered traders
with other Member States of EU that acquire good which value
exceeds €191,000 per annum or in the case of services €635,
000.
The INTRASTAT monthly declaration should be submitted
electronically via ROS since June 2011
Any error for more than 5% (under or overstated) needs to be
reported immediately to avoid penalties.
A trader may not cease submitting declarations until the end of a
calendar year following a year when his/ her trade with other
Member States exceeded the threshold.
Records must be preserved for 2 years. This applies equally to
information stored by electronic means.
Temporary movements are excluded from INTRASTAT reporting. As a
general rule goods in transit are excluded too. The return of goods
is included.
When the movement of the goods is between 3 European countries is
called “triangulation case”. The obligation on Member States
follows the line of the movement of goods.
Sage 50 and Instant Accounts help you to do your VIES
and INTRASTAT.
Sage 50 Accounts has the
ability to switch on or off the Intrastat reporting, set defaults
for the procedure, confirm goods that are to be included in the
declarations and produce a CSV file. Once the goods on an order
have been flagged as Intrastat reconciled they are not included on
future returns.
For instructions how Intrastat operates in
Sage 50 please click
here.
If you are interested in purchasing a Sage Support Contract call
us on 1890 88 25 22.
For more information please see Revenue:
http://www.revenue.ie/en/tax/vat/leaflets/VAT-eu-intra-community-acquisitions.html#intrastat
Email: intrastatinfo@revenue.ie
Lo call 1890
311 322
or from abroad telephone +353 42
9353300
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