INTRASTAT

INTRASTAT

 

The business which is registered with the VAT obligations is able to provide the service to its customers without any restrictions from the governance. Trading with the European countries is not much complicated because of their simplified VAT obligations. Earlier there was system of declarations to the customs by the non-resident businesses involving in trading with EU. This system was replaced with the Intrastat in 1993 applying for all foreign countries , go to vacue.us for more clarity on this subject.

 

Intrastat is a system where the information and statistics of trading goods is being collected of the businesses operating with the EU countries. Being replaced with the custom declaration system, the Intrastat is the most simplified and economical system applied in the EU countries for the traders. This system is based on the regulations provided by the officials of the EU. Once registered for the Intrastat, the trading company should interpret accurate data and statistics and submit them to the authorities. The authority has all the record of the statistics report of all trading activities taking place within the European Union.

 

Every business registering for the Intrastat can have access to all benefits from the system. They can enjoy regular cash flow transactions earning enough profits as well. Even the statistical data of the business activities can be backed up to the governance system. Failing to provide the data to the officials may result in paying penalties. It is better to appoint a local fiscal representative for the procedure of the Intrastat to avoid any inconvenience and errors during the business operations.   

 

https://www.vacue.us/intrastat