- Austria’s National Council has approved a draft law implementing new reporting obligations for payment service providers from 1 January 2024, as required by Council Directive (EU) 2020/284.
- This directive mandates that payment service providers monitor cross-border payments and transmit information on those receiving more than 25 such payments per quarter to Member State administrations to combat VAT fraud.
- The council also approved the draft Tax Amendment Act 2023, which includes tax measures, beneficial owner register improvements, and the establishment of venture capital funds in the legal form of a stock corporation.
- Both laws require approval by the Federal Council.
Soure Orbitax
