Estonia Parliament Considers Bill to Transpose EU Directive on Measures for Payment Service Providers

The Estonian Parliament (Riigikogu) June 6 accepted for consideration Bill No. 225 SE, to transpose the EU Council Directive on requirements for payment service providers. The bill includes measures that would: 1) align Estonia’s VAT fraud laws with EU regulations, effective Jan. 1, 2024; 2) provide administrative tools to more effectively combat VAT fraud in international e-commerce; 3) require payment service providers in Estonia, including domestic and foreign banks and payment institutions, e-money institutions, credit institutions, and postal service providers, to maintain electronic records of cross-border payments and beneficiaries every quarter; 4) require payment service providers to maintain electronic records ...