- within Antitrust/Competition Law, Transport and Consumer Protection topic(s)
- in European Union
As from 1 January 2024, Payment Services Providers established in Luxembourg or offering payment services in Luxembourg (including banks, electronic money institutions and other regulated payment institutions) must monitor cross-border payments and report information on beneficiaries receiving more than 25 cross-border payments per quarter to the VAT Authorities.
The relevant legislation transposes EU Directive 2020/284 of 18 February 2020 (amending the EU (VAT) Directive 2006/112/EU) and provides for administrative penalties for non-compliance. An EU wide central electronic system will be set up to allow exchange of information and cross-checks amongst the EU VAT Authorities.
For more details on the rules please see our article below.
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new reporting requirements for PSPs
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