Irish Tax Agency Issues Guidance on Reporting Requirements for Cross-Border Payment Service Providers

The Irish Revenue Commissioners Dec. 29, 2023, issued Revenue eBrief No. 273/23, updating guidance on reporting requirements for cross-border payment service providers (PSPs), under a central electronic system of payment information (CESOP) to combat VAT fraud, effective Jan. 1, 2024. The updated guidance includes: 1) transposition of EU Council Directives 2020/283 and 2020/284 into domestic law, effective Jan. 1, 2024; 2) recordkeeping requirements for registered PSPs executing more than 25 cross-border payments to the same payee in a calendar quarter; 3) rules for calculating payment thresholds, and for determining the locations of payers and payees; 4) the requirement that PSPs ...