Data Communication On Electronic Payment – Implementation Of Directive (EU) 2020/284

The Italian Government has approved Legislative Decree no. 153 of October 18^th, 2023 (hereinafter also the "Decree"), implementing the EU Council Directive (EU) 2020/284 which has introduced the obligations for payment service providers (hereinafter also "PSPs") to collect and store the information on "cross-border payments".

In particular, the Decree has amended the Italian VAT Code introducing a new Title II-bis with articles from 40-bis to 40-sexies.

Here below is an overview of the main features of the obligations in analysis:

• The regulation: from January 1^st, 2024 the PSPs must collect and store information on "cross-border payments". The data collected by the Tax Authorities of the EU Member States will be stored in a central information system ("Central Electronic System of Payment Information" or "CESPI"), which will "store, aggregate and analyse, in relation to individual beneficiaries, all relevant information concerning VAT on payments". The EU