Intrastat is a system that monitors the movement of goods between all EU member states for governmental statistical purposes.
Businesses that move goods between EU member states above certain thresholds are obliged to file Intrastat returns. Although, unlike tax returns, Intrastat returns do not involve immediate tax costs for a business, compliance can be difficult for a number of reasons:
The complexity of data demanded for Intrastat returns can be surprisingly high and can often involve data that is not already being captured for tax return purposes
Intrastat returns can be used as audit tools when examining tax returns so should be consistent with the tax data.
Significant penalties can accrue from failure to render Intrastat returns accurately and on time.
Essentia can help with:
- Checking thresholds to ensure you submit all necessary reports
- Submission of declarations
- Review of data to make sure reports conform with local laws