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Improve VAT collection in the EU by providing local tax authorities with an additional tool to identify business transactions and payments within the EU; particularly, to target those businesses trading cross-border and not registered for VAT.
For most cross-border transactions, payments are executed through payment service providers (PSP) which hold specific payment information (inserted by the Payer) to identify the recipient (Payee). Such information is key for tax authorities to detect fraudulent business activities.
Identification and quarterly reporting of reportable transactions to local tax authorities by the in-scope PSP and ultimately to a new EU database: CESOP (Central Electronic System of Payment Information).
Credit institutions (including fully licensed banks), E-money institutions, Payment institutions and Post-office giro institutions.
Application of the regime starts on 1 January 2024, with a first reporting deadline on 30 April 2024 (covering payments in scope during first quarter 2024).
Please note that the information provided in this overview is current as of 27 June 2023 and is subject to future updates. We strive to ensure the accuracy and relevance of the content and will make necessary revisions as needed.
Handling of your client data requires the utmost diligence, confidentiality, and security measures.
This is especially true for payment service providers which are subject to strict professional secrecy standards enforced by the regulator. That is why our services will be operated by PwC Tax Information Reporting S.à r.l., an ISO-27001-certified entity supervised by the Luxembourg regulator. The services are supported by a technology solution deployed on proprietary PwC’s servers, further enhancing data security in a protected environment.
Given the large data volumes involved with CESOP reporting, we propose a highly efficient and reliable reporting engine. Our solution also features a proprietary front-end from PwC to provide a user-friendly interface for the reporting process. The interface enables you to monitor and manage the CESOP filings and submissions.
PwC offers you access to our in-country CESOP SMEs who can bring filing assistance and local expertise to the table.
Tax Partner, Global Banking & Capital Markets Tax Leader, PwC Luxembourg
Tel: +352 49 48 48 3118
Tax Partner, Banking & Capital Markets Tax Leader, PwC Luxembourg
Tel: +352 49 48 48 2470
Tax Director, Asset Management, PwC Luxembourg
Tel: +352 62133 33 62