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Proposed record keeping and reporting obligation for payment service providers beginning 2024

A draft amendment to the value added tax (VAT) law would impose new record keeping and reporting obligation on “payment service providers” beginning 1 January 2024.

The proposed obligation is based on changes to EU legislation establishing a central electronic system of payment information (CESOP) that will provide information on cross-border payments received by recipients from consumers shopping online.

Source KPMG

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