The previous article "about the EU INTRASTAT declaration" I believe that we have a clearer understanding of the EU Intrastat declaration, and then introduce to you if the seller in any one of the EU member states entry / exit exceeds the corresponding country's Intrastat declaration thresholds, the need for mandatory Intrastat declaration (purchases / sales declaration).
This article focuses on what information needs to be provided for Intrastate reporting, the deadline for reporting, and the penalties that will be imposed if the thresholds are exceeded and not complied with in accordance with EU law.
1
// What information is required for an Intrastat return?
After July 1, 2021, the European Union will realize that B2C sales orders will be uniformly withheld and paid by the sales platforms, but B2B transactions will need to be declared by the seller's VAT number on the sales platform, which means that the seller's Intrastat declaration will focus more on the declaration of cross-border B2B transactions.
If a seller confirms that a country's inbound or outbound B2B transactions exceed the Intrastat thresholds, then they need to contact the corresponding country's tax agent to start the Intrastat filing. Generally speaking, cross-border B2B Intrastat declarations are tax-free, and the content of the declaration requires a detailed description of the goods shipped/sold from the reporting country to the other EU countries, as well as the arrival/purchase situation, which should be set out in detail for each transaction, including detailed information:
(1) Date of transaction;
(2) Type of declaration (inbound/outbound);
(3) Description of goods;
(4) HS code (8-digit code);
(5) The freight, quantity and value of the goods;
(6) Mode of Delivery;
(7) Country of shipment and country of arrival;
(8) VAT number of both sides in the country of transaction
In the case of the Italian Intrastat declaration, for example, in addition to the sales data report, the seller needs to provide the following different documents according to the different B2B transaction declarations:
Note: In the Green Circle's previous article, it was written that FC Transfer needs to be carefully selected when declaring the movement of goods, and needs to ensure that the country where the goods are transferred between the declarations has also made the corresponding Intrastat declarations.
2
// Intrastat declaration deadline?
Intrastat reporting deadlines vary from country to country in the European Union, usually before the 25th of the month following the month of reporting, but to avoid late reporting, Italy generally requires that the reporting documents be provided before the 7th of the month following the month of reporting.
3
// Is Intrastat reporting a fine?
Penalties will be incurred for the filing of Intrastat returns, omissions, late, incomplete, incorrect, or irregular returns of data used for tax and statistical purposes. However, there are exceptions for correcting incorrect declarations on your own initiative, making up for missing data, and making corrections within 30 days after receiving the relevant notification from the Customs and Excise Department.
Each EU country has different rules on Intrastat fines, for example, in Italy, there are fines for failing to file a timely and accurate Intrastat report under the following circumstances:
(1) Failure to submit an Intrastat declaration: a fine of EUR 500-1000 per declaration;
(2) Replacement within thirty days of receipt of the notification from the relevant customs authorities: a fine of 250-500 euros per copy;
(3) Submission of incomplete and incorrect statements: a fine of EUR 500-1000 per statement;
(4) Submission of incorrect information: a fine of EUR 100;
*If more than one of the above offenses occurs, the fine will be increased by 25%-200%.
In Italy, the late payment is to be paid through F24, using the tax code 8911, stating the year in question and presenting an Intrastat statement, and the criteria for the collection of the late payment are as follows:
(1) filed within 90 days of the Intrastat filing deadline, the penalty is €55.56;
(2) filed within the due date of the annual return for the year; the penalty is €62.50;
(3) filed within the deadline for the next year's annual return: the fine is €71.42;
(4) filed after the due date of the annual return for the following year: a fine of €83.33.
Many sellers think that VAT has been withheld and paid by the platform after the tax reform, so they think it is not important to declare. On the contrary, after reading our article, we believe that sellers of VAT tax cognitive misunderstandings will slowly be unraveled, you can also consult the Green Circle dedicated account manager to continue detailed exchanges Oh ~!
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