Central Electronic System of Payment information (CESOP)

[Newsecar]

Hello.

CESOP
How knows the meaning of this? And its implications?

Transmission and exchange of payment data to fight VAT fraud​

Looks like as of 1st of January 2024 every transaction in the EU will be reported by PSP, banks, EMIS, and others. Anyone is aware of this?

"

CESOP ”“ An EU-wide VAT transactional reporting obligation for payments​

From 2024, all EU PSPs will be required to record and report transactional data of cross-border payments. This includes banks, electronic money institutions and other regulated payment institutions"


Thanks

Newsecar said:
Hello.

CESOP
How knows the meaning of this? And its implications?

Transmission and exchange of payment data to fight VAT fraud​

Looks like as of 1st of January 2024 every transaction in the EU will be reported by PSP, banks, EMIS, and others. Anyone is aware of this?

"

CESOP ”“ An EU-wide VAT transactional reporting obligation for payments​

From 2024, all EU PSPs will be required to record and report transactional data of cross-border payments. This includes banks, electronic money institutions and other regulated payment institutions"


Thanks
Click to expand...

In other words : big brother is watching us.

Last edited: Nov 13, 2023

 

[Dontelgel]

Why is no one talking about the most serious change in the past decade?

 

[wellington]

Likely only impact residents

I know where I am they will now get CRS info but they only care if you transfer into your own domestic account from an offshore one.

And savings (in any form) are grandfathered in for current residents.

But otherwise - this will impact a lot of people that were hoping to skirt under the radar both domestic to the EU and outside of the EU with territorial tax.

 

[Sols]

I'm not sure it's nearly as shocking or big a deal as some may think. There have been a few threads about it.

You can debate the merits and ethics of collecting so much data. It's another step towards total electronic and financial surveillance. But people in general are desensitized to that by now.

As a business owner, the impact of CESOP should be zero as long as you're not committing VAT evasion. If you aren't, take this as an urgent reminder to get your paperwork in order.

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This is the probably the answer to your question.

 

[Newsecar]

Dontelgel said:
Why is no one talking about the most serious change in the past decade?
Click to expand...

I guess no-one is aware of this, but it will have a big impact.

 

[Sols]

Newsecar said:
I guess no-one is aware of this, but it will have a big impact.
Click to expand...

Sure, it will have a big impact. But only on a small group of people.

The vast majority of businesses handle VAT correctly, usually with the help of their accountants and/or automated reports through software.

Toggle signature
This is the probably the answer to your question.

 

[JohnLocke]

Most major e-commerce systems have been modified to automatically handle VAT, so it's not something individual stores need to worry about too much.

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