- Malta has transposed the EU CESOP Directive into its VAT legislation.
- Payment service providers (PSPs) in Malta, including foreign PSPs passporting into Malta, are required to register as a PSP for CESOP purposes.
- PSPs must keep detailed information on payees and payments for qualifying payment services provided in Malta.
- Failure to submit the required information within the prescribed time limits will result in administrative penalties.
- Non-compliance with the regulations or submission of misleading/false information can lead to criminal offence penalties for senior managing officials of the PSP.
- Qualifying PSPs should ensure they are CESOP compliant before the effective date.
- Deloitte offers CESOP reporting solutions and can provide assistance with the applicability and implications of CESOP on businesses.
Source: www2.deloitte.com
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.
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