What does vies stand for?

What does vies stand for?

VAT Information Exchange System

What is a vies return?

A VIES (VAT information exchange system) is a return outlining details of overseas supplies made by VAT-registered businesses. Returns will include details of the value of services provided, the name of the customer, and the customer’s VAT registration number.

Who has to file vies?

VAT Information Exchange System (VIES) Irish VAT registered traders who zero-rate goods, services or both to a VAT registered trader in another Member State must submit a VIES statement. This applies regardless of the value of the goods or services. To register for VIES, please complete the VIES registration form.

How do I submit to vies?

Select “VIES” from the tax type dropdown box, then select your registered filing frequency i.e. “Vies Monthly” or “Vies Quarterly” and click the “File Return” button. The Trader’s intra-EU VAT Number will prepopulate with your intra-EU VAT number.

Do I need to do an EC Sales List?

For the export of goods or the supply of services made to EU businesses on or after 1 January 2021, you will not need to submit an EC Sales List (ESL) . You will have until 21 January 2021 to submit ESLs for sales made before 1 January 2021.

What goes on an Intrastat return?

Intrastat filings require details of all dispatches (sales) of goods to other EU countries, plus the arrivals (purchases). Details required of each transaction include: Description of the goods. Quantity and value of the goods.

Is Intrastat mandatory?

Intrastat is used to collect statistics on trade in goods between the member states; trade in services is not a subject of foreign trade in goods statistics, so an Intrastat declaration is not required. The Intrastat system is based on EU Regulation No. 1982/2004, which implements the EU Regulation.

Is Intrastat the same as EC sales?

Intrastat is a statistical return and EC Sales list is a tax return. Intrastat is sent to customs and statistical authorities whereas EC Sales is submitted in the portal of your usual tax returns. Services: Intrastat does not include the supplies of services to other EU countries, while the EC sales list does.

Do we still need to submit Intrastat?

After the end of the Brexit transition period on 31 December 2020, businesses importing (arrivals) goods into Great Britain (UK minus Northern Ireland) from the EU are still be expected to prepare monthly Intrastat reports if over the £1.5m reporting threshold. This will only apply for 2021.

Will we still pay VAT after Brexit?

Domestic VAT rules remain the same following the end of the Brexit transition period. This lets businesses importing goods into the UK account for the VAT on their next VAT Return, and means the goods can be released from customs without the need for VAT payment.

What is the Intrastat threshold?

2021 Intrastat reporting thresholds Intrastat is the monthly filing regime for companies sending (dispatches) and receiving (arrivals) goods across EU member countries’ national borders. It enables countries to monitor intra-community supplies and general trade.

Is Switzerland included in Intrastat?

Are there any Intrastat thresholds in Switzerland? No. There are no applicable Intrastat thresholds in Switzerland.

Does Switzerland reverse charge apply VAT?

Switzerland has adopted most the EU place of supply rules for VAT, including use of the reverse charge. This means that since the EU 2010 VAT Package, there are very few service-related situations which require a VAT registration.

What are Intrastat codes?

Intrastat commodity code The commodity codes are also called Combined Nomenclature (CN) and they are used by the EU Member States to collect detailed data on their trading of goods. The CN classifies all goods to meet the requirements both of the Common Customs Tariff and of the EU’s external trade statistics.

How do I fix Intrastat errors?

Correct errors in an Intrastat declaration

  1. add a new trade entry to a previous declaration, as you must submit any omissions on a new declaration.
  2. withdraw a full declaration or change its period, as you will need to send your request to [email protected].

Why is Intrastat important?

The information collected by the Intrastat system is a key component for Balance of Payments (BOP) and National Accounts (NA) data, which is regarded as an important economic indicator of the UK’s performance.

How does Intrastat report work?

INTRASTAT is the system for collecting information and producing statistics on the dispatches and arrivals of goods between countries of the European Union (EU). INTRASTAT thresholds for arrivals and dispatches are published for each member country. …

What is Intrastat declaration?

Intrastat is the name given to the system for collecting statistics on the trade in goods between the UK and EU member states. Intra-EU trade statistics are compiled from information provided by those businesses required to provide Intrastat declarations and estimations made using information on the VAT Return.

When did Intrastat start?


Are Norway part of the EU?

Norway is not a member state of the European Union (EU). However, it is associated with the Union through its membership of the European Economic Area (EEA), signed in 1992 and established in 1994.

What does NoTC mean on Intrastat?

Transaction code

What is EC sales list used for?

EC Sales Lists are used when reporting the VAT on sales to the EU. The EC Sales List contains information on sales and transfers of goods and services to VAT registered companies in other EU countries, with EC standing for European Commission. EC Sales are reported by the calendar period and done on an accrual basis.

What is included in EC sales list?

What information goes on an EC Sales List?

  • The EU VAT Registered business name.
  • The 2 letter country code of that business.
  • Their VAT number.
  • The value of the goods or services provided and its relevant code (1, 2, or 3)

Is there a penalty for late filing of EC Sales List?

Failure to submit an EC sales list (ESL) by the due date can give rise to a civil penalty at a daily rate. If an ESL is not submitted by the due date, HMRC may issue a notice. If the ESL is not submitted within a further 14 days, then a penalty will be due.

How do I fill out an EC Sales List?

Completing a EC Sales List

  1. Your name and trading address.
  2. Your nine-digit VAT registration number.
  3. Period reference – for example 03 13.
  4. Period for goods / service from and to – these are the months and years for the period you are reporting.
  5. Branch/subsidiary identifier can be left blank unless you have been issued one.

What is a vat100 report?

The VAT 100 Report is used to prepare VAT returns for submission to HMRC. It is only applicable if your organisation is VAT registered with HMRC. Such amounts will have to be added manually before transcribing the Input and Output totals into the report to be submitted to HMRC.

What are call off stocks?

Call-off Stock. • By “call-off stock” we refer to situations in which a supplier transports goods to another Member State for their supply at a later stage. At the moment the transport takes place, the supplier already knows the identity of the person that will be acquiring the goods.

What does it mean call-off?

transitive verb. 1 : to draw away : divert. 2 : cancel.