ARTICLE · 30 AUGUST 2022

New Record Keeping And Reporting Obligations For PSPs

KPMG Malta

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With effect from 1st January 2024, Payment Service Providers (‘PSPs') will face new record keeping and reporting obligations.

MaltaTax

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With effect from 1^st January 2024, Payment Service Providers ('PSPs') will face new record keeping and reporting obligations. These additional recording and reporting obligations will be introduced with the aim to combat VAT fraud associated with e-commerce.

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Who will be impacted by the new rules?

The new rules will impact PSPs as defined under Directive (EU) 2015/2366 ('PSD II') namely credit institutions, electronic money institutions, post-office giro institutions and payment institutions when the above mentioned entities provide payment services. Persons exempt in terms of Article 32 of PSD II will also be impacted by the new record keeping and reporting obligations.

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