Luxembourg has amended its VAT Law to implement new reporting obligations for payment service providers from 1 January 2024, in accordance with Council Directive (EU) 2020/284. This directive requires payment service providers offering services in the EU to monitor payees of cross-border payments and transmit information on those receiving more than 25 cross-border payments per quarter to Member State administrations. The aim is to combat VAT fraud.
Source: Orbitax
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