ARTICLE · 11 JULY 2023

Bill Introducing New Reporting Obligations For PSPs

ELVINGER HOSS PRUSSEN, société anonyme

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On 5 May 2023, the government submitted to the Luxembourg Parliament Bill 8207 to implement Council Directive (EU) 2020/284 amending the VAT Directive ("Bill").

LuxembourgTax

Elvinger Hoss Prussen

On 5 May 2023, the government submitted to the Luxembourg Parliament Bill 8207 to implement Council Directive (EU) 2020/284 amending the VAT Directive ("Bill").

The Bill introduces new obligations for payment service providers to keep records of the "cross-border" payments they process and their beneficiaries, and to report the collected data to the Luxembourg tax authorities. The data collected will then be stored and processed before being centralised in a European database called Central Electronic System Of Payment Information ("CESOP") and made available to the Member States' anti-VAT fraud agents.

The payment service providers include payment institutions, credit institutions, electronic money institutions and post office giro institutions that are established in Luxembourg ("PSP").

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