On 18 February 2020, the Council has approved new measures to transmit and exchange payment data in order to fight e-commerce VAT fraud. The new regime on the exchange of payment data will reinforce the capacity of Member States to fight against e-commerce VAT fraud by launching a Central Electronic System of Payment information (CESOP). As of 2024, CESOP will keep records of cross-border payment information within the EU, as well as payments to third countries or territories, for a period of five years. This will allow tax authorities to properly control the correct fulfilment of VAT obligations on cross-border Business to Consumer (B2C) supplies of goods and services.
Source European Commission
Latest Posts in "European Union"
- Briefing document & Podcast: ECJ Rulings on Reductions of the Taxable Amount through Rebates
- Comments on ECJ C-101/24 (Xyrality) – Judgment on app stores as VAT commissionaires
- ECJ Confirms Deemed Reseller Rule for App Store In-App Purchases
- VAT Challenges in Toll Manufacturing: Goods vs Services Classification Issues
- VAT and Transfer Pricing – Four recent cases @ ECJ/CJEU – 3 cases decided, 1 case pending
