What is Intrastat in SAP AP-GLO-INT - COM-Intrastat Valuation and Declaration?

SAP Term: Intrastat

• Component: AP-GLO-INT

• Component Name: COM-Intrastat Valuation and Declaration

• Description: The provision of statistical data about intra-European trade. This data is based on the valuation of goods movements, which is used to create Intrastat declarations to be sent to the statistical authorities of the European Union EU member states.

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• Key Concepts: 
  Intrastat is a statistical system used by the European Union (EU) to collect and analyze data on the movement of goods between EU member states. It is a component of the EU's Common External Trade Statistics (CETS) system. The Intrastat system requires businesses to report the value and quantity of goods they have imported or exported between EU member states. This information is used to monitor trade flows and to ensure that taxes are paid correctly.
  
  How to use it: 
  The Intrastat system is managed by the European Commission and is implemented in each EU member state. Businesses must register with their local tax authority in order to be able to report their Intrastat data. The data must be reported on a monthly basis, and businesses must submit a declaration form for each transaction. The AP-GLO-INT COM-Intrastat Valuation and Declaration component of SAP helps businesses to manage their Intrastat reporting requirements. It provides an automated process for collecting, validating, and submitting Intrastat declarations.
  
  Tips & Tricks: 
  It is important to ensure that all Intrastat declarations are accurate and complete, as incorrect or incomplete declarations can lead to fines or other penalties. To help ensure accuracy, businesses should use the AP-GLO-INT COM-Intrastat Valuation and Declaration component of SAP to automate the process of collecting, validating, and submitting Intrastat declarations. This will help to reduce errors and ensure that all declarations are submitted on time.
  
  Related Information: 
  For more information about Intrastat, please visit the European Commission's website at https://ec.europa.eu/taxation_customs/business/vat/intrastat_en. For more information about the AP-GLO-INT COM-Intrastat Valuation and Declaration component of SAP, please visit SAP's website at https://www.sap.com/products/intrastat-valuation-declaration.html.