Recently, the European Commission published detailed guidelines with regard to the new VAT reporting obligation for EU PSP’s (Central Electronic System of Payment information or CESOP). These guidelines specify the territorial scope of the new rules and addresses questions by way of practical examples for various payment methods, such as: what is a cross-border payment, how does the threshold of 25 transactions work in practice, which PSPs in the payment chain should report which transaction data, what level of data quality is required, how to correct of previous reportings, etc. Some of the questions we had before are now answered, but also new questions are triggered by these guidelines. Keep an eye out on our CESOP webpage for a more detailed point of view in the next few weeks.
Source Deloitte
