New VAT Regulations for EU Payment Service Providers: Reporting Obligations and CESOP Implementation

• A new Tax and Duty Manual has been published regarding Reporting Requirement for Payment Service Providers on Cross-Border Payments
• EU Central Electronic System of Payment Information (CESOP)
• The manual provides guidance on new record-keeping and reporting obligations for EU payment service providers who facilitate cross-border payments
• The initiative is part of the EU’s eCommerce VAT package and aims to combat VAT fraud and manage VAT risks
• PSPs will report information to Revenue, which will be transmitted to CESOP
• The legislative changes will be effective from 1 January 2024.

Source: revenue.ie

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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