- The European Union plans to tackle VAT fraud through a central database.
- Payment service providers will be required to report international transactions from next year.
- Concerns have been raised that the measure is too broad and that many countries are not ready for it.
- Payment companies are required to register and report payment data from 1 January, regardless of the amount.
- The Dutch Banking Association has raised concerns about exempt services being included in the reporting requirement.
- The size of the VAT fraud in the EU has decreased in recent years.
- Some EU countries have not yet completed their national legislation for the reporting requirement.
- Uncertainty remains about how certain EU countries will receive the required payment data.
- The implementation of the reporting requirement in other EU countries may affect businesses.
- Dutch banks and the Dutch Tax Authority are ready for the central database, but reporting must be done to the tax authority of the recipient country.
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.