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EU says no to VAT fraud


				08.04.2022
						In 2020, a package of laws on the collection of payment data was adopted in order to combat VAT fraud in the field of e-commerce. It provides for the creation of an EU-funded central database called the Central Electronic Payment Information System (CESOP), where all collected payment data is stored and processed for the benefit of Member States. CESOP will become operational on 1 of January, 2024.

After two years of fruitful cooperation with payment service providers and member States, on the 6 of April, 2022, the European Commission adopted the VAT Implementing Regulation, which contains important details for payment service providers on the procedure for notification of payment data. The Regulation also approves the main functions of CESOP, as well as the tasks of the Commission and the Member States in relation to management of the system, access to data, as well as their security and protection. CESOP is being created by the Commission at the direction of the Member States and will be available only to Eurofisc (the organization of EU experts on combating VAT fraud) in order to detect VAT fraud in the field of e-commerce.

Link to source: https://ec.europa.eu/taxation_customs/news/vat-e-commerce-commission-takes-step-further-fight-agains...

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