ECOFIN has formally adopted VAT directive amendments requiring payment service providers to keep records of cross-border e-commerce transactions, and amendments to the administrative cooperation regulation introducing enhanced sharing of payment information between EU tax administrations and law enforcement bodies to tackle VAT fraud. The new measures will apply from 1 January 2024.
The new regime on the exchange of payment data will reinforce the capacity of member states to counter VAT fraud through a new central electronic system of payment information (CESOP). As of 2024, CESOP will keep records of cross-border payment information within the EU, as well as payments to third countries, for a period of five years.
ECOFIN has formally adopted VAT directive amendments requiring payment service providers to keep records of cross-border e-commerce transactions, and amendments to the administrative cooperation regulation introducing enhanced sharing of payment information between EU tax administrations and law enforcement bodies to tackle VAT fraud. The new measures will apply from 1 January 2024.
The new regime on the exchange of payment data will reinforce the capacity of member states to counter VAT fraud through a new central electronic system of payment information (CESOP). As of 2024, CESOP will keep records of cross-border payment information within the EU, as well as payments to third countries, for a period of five years.
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