Spain published Royal Decree 1171/2023 on 27 December 2023 in the Official Gazette to complete the implementation of certain EU Directives. The decree includes provisions to complete the implementation of new reporting obligations for payment service providers from 1 January 2024, as introduced by Council Directive (EU) 2020/284. Payment service providers offering services in the EU are required to monitor cross-border payments and transmit information on payees receiving more than 25 cross-border payments per quarter to Member States’ administrations, as per the directive. These requirements aim to combat VAT fraud.
Source Orbitax
