Spain: New reporting requirements for cross-border payment service providers beginning 2024
“Payment service providers” will face new record keeping and reporting obligations beginning 1 January 2024.
New reporting requirements beginning 2024
The Lower House passed a bill implementing several European Union directives, including the central electronic system of payment information (CESOP)—in accordance with Council Directive (EU) 2020/284)—effective 1 January 2024.
CESOP is a centralized system for collecting and exchanging cross-border payment information aimed at detecting and combatting value added tax (VAT) fraud in cross-border internet sales of goods and services. Under CESOP, “payment service providers” will face new record keeping and reporting obligations beginning 1 January 2024.
The next step, publication in the official gazette, is expected in the coming days.
Read an April 2023 report [PDF 515 KB] prepared by the KPMG member firm in Spain
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