- Finnish Tax Administration issued Guidance clarifying reporting requirements for cross-border payment service providers
- Topics covered include transposition of EU Council Directives, reporting requirements for customers in Finland, quarterly electronic reporting requirement, recordkeeping requirements, calculation of payment thresholds, and penalties for noncompliance
- PSPs must maintain electronic records for three calendar years from end of calendar year in which payment was made
- Rules for calculating payment thresholds and determining locations of payers and payees are also included in the guidance
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.
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