- The European Council has adopted new legislative measures requiring payment service providers to send information on cross-border payments and their beneficiaries to Member States’ tax administrations.
- Payment service providers must monitor beneficiaries of cross-border payments and send information on those who receive more than 25 cross-border payments per quarter.
- This information will be centrally gathered in a European database called the Central Electronic System of Payments Information (CESOP) and made available to tax authorities to combat VAT fraud.
- The new rules will come into effect on January 1, 2024, and payment data submission will begin by April 30, 2024.
- Test files can be sent to [email protected] to prepare for the submission of cross-border payment data. The institutional framework includes Council Directive (EU) 2020/284 and Council Regulation (EU) 2020/283, as well as Executive Regulation 1504/2022. Manuals and guides are available on the EU website, including guidelines for reporting payment data and a file checker app.
Source aade.gr
