In addition to VAT returns, foreign companies trading in Cyprus may be required to complete statistical reports, ‘Intrastat’, on the movement of goods across the national borders. This can include both sales to other companies, but also the movement of goods by the same company.
When do Cyprus Intrastat reports have to be completed
If resident or non-resident companies move goods across the Cyprus national border to or from other EU countries, there may be a requirement to complete monthly Intrastat reporting.
Intrastat filings list the goods sent out of Cyprus, ‘dispatches’, as well as goods brought into Cyprus, ‘arrivals’. It is a system introduced by Cyprus with the 1993 launch of the EU free trade market since customs borders and reporting were withdrawn. Intrastat does not apply if the goods are coming in from outside of Europe (‘imports’) or being sent out of the EU (‘exports’).
What are the Cyprus Intrastat reporting thresholds?
Intrastat returns only need to be completed once the reporting thresholds are exceeded. In addition the reporting threshold there is also a simplification threshold below which only a limited amount of information is required.
The thresholds for Cyprus Intrastat are as follows:
- Exemption threshold: €100,000
- Simplification threshold: EUR1,850,000
- Exemption threshold: €55,000
- Simplification threashold:EUR5,800,000
Cypriot Intrastat thresholds (per annum)
What information is included in a Cyprus Intrastat filing?
Each movement of goods across the Cyprus national border to another EU country must be listed.
This shipment lists should include the trade classification, means of transport, value, quantity, weight, commodity code EU Member State of arrival or dispatch.
When should Cyprus Intrastat be filed?
Monthly Intrastats should be filed at the 10th of the month following the movements.
This can typically be done with the VAT return. There may be minor infringement penalties for late filings.
Need help with your Cypriot VAT compliance?
Researching Cypriot VAT legislation is the first step to understanding your VAT compliance needs. Avalara has a range of solutions that can help your business depending on where and how you trade.
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