From 2024, all EU PSPs will be required to record and report transactional data of cross-border payments. This includes banks, electronic money institutions and other regulated payment institutions.
The first reporting deadline is April 30 2024, which means that payment service providers have less than two weeks to file the report. That means you need to take action now. The most important points requiring attention are listed below.
CESOP: 5 key points
Your options
We recommend that you establish as soon as possible the countries in which you must file a CESOP report. Insofar as those countries require a registration, it is important to do so immediately so that you can still make the deadline of April 30. Although the market has asked for this, there is currently no general extension, which means that many countries will continue to maintain the April 30 deadline.
It is a good idea to test the data that is going to be filed. This will avoid a file being rejected or it being returned with many error messages. All relevant connections with the tax authorities must also be set up and the CESOP report must be filed no later than April 30.
KPMG Ireland, together with our international KPMG network, provides extensive services with regard to CESOP. The services we offer are:
- assistance with establishing the scope and help with ad hoc questions about CESOP. We have practical experience engaging on the CESOP rules with the relevant EU tax authorities;
- checking data; we have tools to analysis, organise and convert the data into the correct format per country;
- registration in all countries where this is required;
- filing the CESOP reports throughout the EU via one central team.
Get in touch
Our CESOP specialists would be pleased to discuss the options above with you. Please contact our Indirect Tax team below for an initial conversation.
