CESOP: new reporting obligations for payment service providers from 2024

PSP’s are required to report data on payment transactions to the tax authorities on a quarterly basis. The obligation applies in the first instance to credit institutions, payment institutions, electronic money institutions and postal check and giro services (which is in line with the definition of 'payment service provider' in the PSP2 EU Directive).

Initially, the reporting obligation only concerns payment data of cross-border payment transactions from EU-based payers to a beneficiary (recipient) in another country. However, the reporting obligation only applies if a PSP carries out more than 25 payment transactions to the same payee.

Precisely because PSPs are involved in payments, they have specific information to identify a beneficiary (recipient) of a cross-border payment. In addition to the identification of the recipient, PSPs also have other relevant data such as the date, the amount and the country from which the payment is made.

It is important that payment service providers start setting up an internal reporting system in on time in order to comply with the CESOP reporting obligations. It is now known that the Tax Authorities have the option of imposing hefty fines in the event of non-compliance.

Would you like to know more?

Would you like to know more about how CESOP can apply to your company? Or do you have specific questions about CESOP? Please contact Eline Polak by e-mail or by phone: +31 (0)88 277 23 25 or Iris Sijtsma by e-mail or by phone: +31 (0)88 277 16 08. They will be happy to help you.