Revenue eBrief No. 273/23
29 December 2023
EU VAT Regulations - Payment Service Provider Obligations
A new Tax and Duty Manual entitled Reporting Requirement for Payment Service Providers on Cross-Border Payments - EU Central Electronic System of Payment Information ('CESOP') has been published.
The TDM provides guidance on amendments to VAT legislation that create new record-keeping and reporting obligations for payment service providers (PSPs) established in the EU who facilitate cross-border payments. The initiative is part of the EU's eCommerce VAT package. The purpose is to support the work of tax authorities across the EU in combatting VAT fraud and managing VAT risks.
The information reported to Revenue by PSPs will be transmitted to the Central Electronic System of Payment Information (known as CESOP) which has been developed by the EU Commission. The legislative changes come into effect from 1 January 2024.