Reporting of payment data by payment service providers and transfer to the Central Electronic Payment Information System (CESOP)

• New rules came into effect on January 1, 2024.
• Payment service providers are required to report payment data to the central electronic payment information system (CESOP).
• The EU has adopted legislation to combat VAT fraud, requiring payment service providers to provide information to their member state about cross-border payments from member states and the recipient of these payments.
• Payment service providers offering services in the EU will have to monitor recipients of cross-border payments and provide information to the competent institutions of member states for those who receive more than 25 cross-border payments per quarter.
• Payment service providers will also have to report to the host member states about services they directly provide in those member states based on the authorization issued by the host member state.
• This information will be centralized in the European database, CESOP, where it will be stored, consolidated, and cross-checked with other European databases.
• The collected data is limited to what is necessary to identify sellers from other member states who supply goods or services through electronic commerce in the territory of member states of consumption and is necessary to combat VAT fraud in electronic commerce.

Source: racunovodja.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.

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