With the uprise of e-commerce came the uprise of digital payment methods for goods and services ordered online, such as e-wallets and buy now pay later offerings. Financial services can be exempt from VAT, but because of the strict interpretation of exemptions this is not always the case. It is therefore important to determine your VAT position if you are involved in these kind of digital payment services.
Next to this Payment Service Providers will be subject to reporting of payment information to the tax authorities as of 1 January 2024. It is important to prepare yourself this year for the upcoming legislation.
Source BDO
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