- New transparency rules implemented in the EU to combat VAT fraud
- Rules focus on e-commerce, which is prone to VAT non-compliance and fraud
- Payment service providers (PSPs) must monitor payees of cross-border payments
- Information on recipients of more than 25 cross-border payments per quarter will be transmitted to EU Member States
- Information will be centralized in a new European database called CESOP
- CESOP data will be made available to Member States via Eurofisc, the EU’s network of anti-VAT fraud specialists
Source: blogs.pwc.de
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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