Romania Tax Agency Publishes Law Amending Reporting Obligations for Cross-Border Payment Service Providers

The Romanian Tax Agency March 13 published Law No. 33/2024, amending reporting obligations for cross-border payment service providers (PSPs), to combat VAT fraud. The law includes measures: 1) transposing EU Council Directive 2020/284 on specific requirements for PSPs; 2) defining key terms; 3) establishing a recordkeeping requirement for PSPs making at least 25 cross-border payments to the same payee in a calendar quarter, subject to specific calculation conditions; 4) requiring PSPs to maintain electronic records for three calendar years from the end of the calendar year in which the payment was made; 5) establishing the reporting period for quarterly electronic ...