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CESOP: new reporting requirements for PSPs

  • Payment Service Providers (“PSPs”) that operate in Europe will need to comply with new record keeping and reporting obligations if they are involved in cross-border payments.
  • These PSPs will have to keep registers with detailed information on cross-border payments that they have to share with local tax authorities on a quarterly basis.
  • The data will be included in a European database called Central Electronic System Of Payment Information (“CESOP”).
  • The aim of this CESOP reporting obligation is to combat VAT fraud in cross-border e-commerce transactions. The reporting obligation will enter into force on 1 January 2024. To comply with the new rules, PSPs should start setting up their systems and processes.

Source Loyens Loeff

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