- Italy has implemented the Council Directive (EU) 2020/284 through Legislative Decree no. 153 of 18 October 2023, which introduces new obligations for Payment Service Providers (PSPs) with regards to cross-border payments starting from 1 January 2024.
- The new obligations require PSPs to transmit certain data on cross-border payments to the tax authorities of relevant Member states on a quarterly basis and store the relevant data for three years. A new EU platform called Central Electronic System of Payment information (CESOP) has been created for the reporting and storage of cross-border payment information.
- The Italian tax authorities will transmit the data received from PSPs to CESOP by the 10th day of the second month following the end of the reporting period.
- The PSPs in scope are defined by Legislative Decree no. 11 of 27 January 2010, and the obligation to report the cross-border data is triggered when a PSP processes more than 25 cross-border payments towards the same payee during a calendar quarter.
- The reporting obligation falls on the PSP of the payee if both PSPs are located within the territory of the European Union. The data of cross-border payments for which Italy is the Member State of origin or host Member State must be reported to the Italian tax authorities.
- The documents/information that PSPs will need to store include the BIC or any other business identifier code that unambiguously identifies the PSP.
Source PwC
