- The Federal Ministry of Finance in Germany has published guidance on the obligations of payment service providers.
- The guidance is related to the new centralized European system for collecting and exchanging payment information.
- The system, called CESOP, aims to detect and combat VAT fraud in cross-border internet sales.
- The guidance provides information on the material and personal scope of application, as well as the procedure for transmitting records.
- It also includes information on sanctions for non-compliance.
Source: kpmg.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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