Customs Duty and Intrastat are two important aspects of international trade that businesses need to be aware of when importing or exporting goods in the EU. Customs Duty is a tax imposed on goods imported or exported from Malta. It is typically calculated as a percentage of the value of the goods being traded. Importers and exporters are responsible for paying any customs duty that is due. Intrastat is the system used for collecting statistics on the trade of goods between EU member states. Businesses engaged in trade between EU member states are required to submit periodic Intrastat declarations providing details of their trade activity. Intrastat is important as it gives an insight on the trade of goods between EU member states.
In this lecture, we will delve deeper into the specifics of Customs Duty and Intrastat, including:
- the regulations and requirements that businesses must comply with,
- common mistakes to avoid,
- best practices for compliance.
- the implications of non-compliance and the potential penalties
By the end of this lecture, you will have a better understanding of Customs Duty and Intrastat and how to ensure compliance with these regulations to avoid any issues.
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Kenneth Cremona graduated with a Master in Accountancy from the University of Malta in 2015. Kenneth joined RSM Malta in 2016, initially working on Income Tax Compliance dealing with clients established in multiple industries including Gaming, Immovable Property, Investments, Pharmaceuticals and Retail. During 2019, he specialised in VAT advisory and was promoted to a Supervisory role within the firm, and as an Assistant Manager in 2021. Kenneth is also a CPA warrant holder and received the Professional Certificate in Taxation issued by the Malta Institute of Taxation in 2017.
