With effect from 1 January 2024, an amendment to Act No. 235/2004 Coll., on Value Added Tax, will establish new obligations for payment service providers. They will have to newly record and report data on cross-border payment transactions. The aim of the Central Electronic System for Payment Information (CESOP) is to reduce the growing gap between reported and uncollected VAT within the EU. Who is affected by this obligation? Which transactions will be reported? And which data to keep? All about the new obligation can be found in this article.
Source Deloitte
