- On 19 July 2023, the Luxembourg Parliament adopted a law introducing new record-keeping and reporting requirements for payment service providers (PSPs).
- All PSPs providing payment services within the European Union (EU) will be required to keep records of and report data on certain cross-border payments as of 1 January 2024.
- The data collected by the various Member States will then be exchanged between them and centralized in a European database: Central Electronic System of Payment information (CESOP).
- This new reporting regime will allow national tax authorities to carry out controls in order to combat Value-Added Tax (VAT) fraud.
Source: EY
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