VAT Regulations for Payment Service Providers: Reporting Obligations in 2023

• The Value Added Tax (Reporting Obligations for Payment Service Providers) Regulations, 2023 have been published in the Gazetta tal-Gvern ta.
• These regulations transpose the provisions of Council Directive (EU) 2020/284 and aim to combat VAT fraud.
• Payment service providers are required to keep detailed information of payees and payments and submit it to the Commissioner.
• The regulations will come into force on January 1, 2024.
• The document provides definitions for terms such as “BIC,” “CESOP,” “home Member State,” “host Member State,” “IBAN,” “payee,” “payer,” and “payment.”

Source: eur-lex.europa.eu

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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