Italy Gazettes Legislative Decree Implementing Reporting Obligations for Payment Service Providers to Combat VAT Fraud

The Italian Official Gazette Nov. 3 published Legislative Decree No. 153, implementing EU Council Directive 2020/284 of Feb. 18, 2020, on payment service provider requirements to combat VAT fraud in cross-border e-commerce. The decree includes measures: 1) aligning Italy’s VAT fraud laws with EU regulations, effective Jan. 1, 2024; 2) providing administrative tools to more effectively combat VAT fraud in international e-commerce; 3) requiring covered payment service providers in Italy to maintain electronic records of cross-border payments and beneficiaries every quarter; 4) specifying that the recordkeeping requirements of the law apply to providers executing more than 25 cross-border payments to ...