- Irish Revenue Commissioners issued guidance on reporting requirements for cross-border payment service providers (PSPs)
- The guidance is aimed at combating VAT fraud
- The guidance includes transposition of EU Council Directives into domestic law
- Recordkeeping requirements for registered PSPs executing more than 25 cross-border payments to the same payee in a calendar quarter
- Rules for calculating payment thresholds and determining the locations of payers and payees
- PSPs are required to maintain electronic records for three calendar years from the end of the calendar year in which the payment was made
- PSPs must make their records accessible to the appropriate tax authorities.
Source: news.bloombergtax.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.
