From 1 January 2024, new European rules for tax service providers will come into force to simplify the fight against VAT fraud in cross-border commercial transactions.
The payment service providers will:
- keep detailed records of cross-border payments from Member States and the recipients of those payments.
- provide information to tax authorities about certain cross-border payments, as determined based on where the payer and recipient are located.
The data will then be passed on to the European database ‘CESOP’ (Central Electronic System of Payment Information).
More information about the new obligations for payment service providers.
Source financien.belgium
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