- Providers of payment services in EU member states must monitor recipients of cross-border payments
- Data of account holders receiving more than 25 cross-border payments per quarter will be reported to national authorities
- Information will be stored in the European database CESOP and shared with enforcement authorities through the Eurofisc network
- CESOP aims to help tax authorities detect VAT fraud in e-commerce by using payment data
- Non-compliance can result in significant fines for Dutch payment service providers
- CESOP has been implemented in the Netherlands as of January 1, 2024
- Payment service providers must keep accurate records of recipients and payments for each quarter
- Obligations under CESOP apply to credit institutions, electronic money institutions, payment institutions, and postal cheque and giro services
- Failure to comply can lead to substantial administrative fines
Source: fiscaalvanmorgen.nl
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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