- The Romanian Tax Agency introduced Law No. 33/2024 on March 13 to amend reporting obligations for cross-border payment service providers (PSPs) in order to combat VAT fraud.
- The law includes measures such as transposing EU Council Directive 2020/284, defining terms, establishing recordkeeping requirements for PSPs making at least 25 cross-border payments to the same payee in a calendar quarter, and mandating electronic record maintenance for three calendar years.
- It also sets the reporting period for quarterly electronic records and requires a centralizing document in cases where price reductions are not directly granted to customers to adjust the tax base.
- The law, effective March 16, mandates compliance with these measures for cross-border payment service providers to combat VAT fraud.
Source GlobalVATcompliance
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