Council reaches political agreement on reporting obligations for Payment Service Providers in the fight against VAT fraud
The new rules will require them to transmit payment data to tax authorities. Member States’ tax authorities will exchange this data between each other.
The reporting obligation applies to ‘payment service providers’ (PSP’s) as defined in the updated Payment Service Directive (PSD2) – credit, electronic money, post office giro and payment institutions. In practice, banks, card schemes, merchant acquirers and PSP’s will likely be affected the most, as well as retailers and marketplaces that have their own “inhouse” payment service provider governed by PSD2.
The new rules will enter into force on 1 January 2024.
Source Deloitte
