- New EU rules introduced on 1st January 2024 will help tax authorities crack down on VAT fraud.
- Payment service providers (PSPs) are now required to monitor cross-border payments and transmit information on companies and individuals receiving more than 25 cross-border payments per quarter to national tax authorities.
- The data will be stored in a new European database and used to combat VAT fraud in the e-commerce sector. E-commerce businesses will face greater scrutiny, and it is essential for them to accurately determine and remit taxes in compliance with regulations.
- Using an automated tax solution is recommended to ensure compliance.
Source Innovate Tax
