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Requirements for Payment Service Providers to Combat VAT Fraud

Summary

This proposal introduces new reporting and data retention requirements for payment service providers to help EU Member States combat e-commerce VAT fraud.
10 02.03.2020
Other
finance
taxation
administrative law
business and competition
information technology and data processing

Key points

  • The proposal aims to close the significant VAT revenue gap across EU Member States by improving cooperation between tax authorities and financial services.
  • Reporting obligations are triggered if a provider executes more than 25 transactions to the same recipient in a quarter or processes a single payment of at least 2,500 euros.
  • The mandatory period for keeping electronic records of these transactions is increased from two years to three years.
  • Providers must collect specific identifiers, such as the payer's IBAN or other information that clearly identifies their location.
Documents (PDFs)
REPORT on the proposal for a Council directive amending Directive 2006/112/EC as regards introducing certain requirements for payment service providers Requirements for payment service providers *
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