New requirements for Intrastat, the European Union’s (EU) system for tracking the flow of goods between EU members, has gone into effect since the beginning of 2022. Introduced by Council Regulation (EEC) No 3330/91 on November 7th 1991, Intrastat is the union’s system for tracking the flow of commodities between EU member countries. Authorities use the statistical data on global trade gathered through the system for a variety of purposes, such as negotiating trade deals and monitoring the operation of the internal market.
Specifically, Intrastat dispatches declarations across the EU, requiring two additional pieces of statistical information: Partner VAT ID and Country of Origin.
Here Is What to Expect under the New Regulations
The “Partner Operator VAT Number” refers to the VAT number of the customer to whom the goods are shipped/delivered. The validity of EU VAT numbers can be checked on this database.
Parties obliged to report under Intrastat should carefully consider the country of origin when trading with the EU countries as well. Remember, goods produced in two or more countries are deemed to originate in the country where the last transformation or substantial processing took place.
In addition, the relevant EU member state administrations should also adapt their relevant platforms to enable operators to submit these declarations in accordance with the new requirements – insofar this has not already been done.
Lastly, you must keep in mind that these changes will be effective regardless of implementation by national legislations, as it concerns an EU regulation that is directly applicable without implementation by the EU member states. As a result, all operators must be ready and perform the adaptation required to their IT systems to comply.
Leverage EXIMA to Achieve Success
In the world of trade, it is important to stay updated on all current events. That is why EXIMA is committed to providing our users with all the knowledge we have on international trade, with the goal of making international trade simple and secure for all. Come take a look at the rest of our Media Page today to stay in the loop!
