EU - New Obligations for Payment Service Providers

Starting January 1, 2024 new legislation in the EU applies to PSPs such as: credit institutions, electronic money institutions, post office “giro” institutions, payment institutions, the European Central Bank and national central banks, and member state/regional/local authorities.

The EU will apply a “follow the money” approach, by enacting PSPs, to prevent VAT fraud in the e-commerce sector. The new measures are meant to give EU states improved control instruments and detection tools to assess VAT liabilities on cross-border B2C supplies.

If you have any questions about what this means for the future of your EU business dealings, please contact us directly for a free consultation.

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