- New obligations for payment service providers in Luxembourg
- Article 70ter of the VAT Law implements provisions to fight against VAT fraud
- Payment service providers must keep records of beneficiaries and payments for cross-border payments
- Obligation starts when provider makes more than 25 cross-border payments to same beneficiary in a quarter
- Conditions and procedures for record-keeping are outlined in the law
- More information available on Luxembourg VAT authorities and European Commission websites
- Stay updated by subscribing to LinkedIn page for VAT Solutions.
Source: vat-solutions.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
