Will Stripe start to report all transactions to the EU Government from 1 Jan 2024?

[HAHA]

Hey everyone, just saw this news - EU introduces new VAT reporting obligations as of 1 January 2024

If I understand correctly, as of January 1, Stripe will start sending all transaction information to the European Gov?

Yes, I understand that these measures are aimed at combating VAT fraud, but it also means providing all transactions.

What do you think?

 

[Forester]

1) Cf this post Wise and Currenxie asking for info

2) What have you expected from the EU? 😉 🙁

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[Dandyline]

Forester said:
1) Cf this post Wise and Currenxie asking for info

2) What have you expected from the EU? 😉 🙁
Click to expand...

Thats another law.

 

[joystickstar]

HAHA said:
Hey everyone, just saw this news - EU introduces new VAT reporting obligations as of 1 January 2024

If I understand correctly, as of January 1, Stripe will start sending all transaction information to the European Gov?

Yes, I understand that these measures are aimed at combating VAT fraud, but it also means providing all transactions.

What do you think?
Click to expand...

If you exceed 25 quarterly Stripe transactions, theoretically, an American Stripe account under an LLC will have to provide data to CESOP. Stripe may disclose the LLC's name, address, real owner, etc.

I spoke with my tax advisor, and he advised me to temporarily block European customers from my Stripe business.

 

[JosephLL]

What's an "EU government" ?

 

[ifzaguider]

... All countries within EU?

 

[Dandyline]

Uncertain how they will tackle tax fraud when details about the purchased service is not included in the reported data. Not all services are covered by the MOSS/OSS-VAT, it exclusively applies to telecommunications, broadcasting, or digital services.

 

[DomOCT]

Dandyline said:
Uncertain how they will tackle tax fraud when details about the purchased service is not included in the reported data. Not all services are covered by the MOSS/OSS-VAT, it exclusively applies to telecommunications, broadcasting, or digital services.
Click to expand...

I know for a fact that the EU has been spewing out regulations faster than my local tax authorities can keep up smi(&%

 

[uplana]

For many years, I did not believe that PayPal would report anything, not even when tax authorities approached them. This year, I became wiser and found out that the tax authorities have all the transactions from my PayPal business account - even those transactions that PayPal officially no longer has because they are outdated.

So don't think that Stripe or any other gigantic financial player is any different! If you believe that, then one day you will be terribly surprised when you wake up with your pants down and a big stick up your a*s.

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[berry90]

uplana said:
For many years, I did not believe that PayPal would report anything, not even when tax authorities approached them. This year, I became wiser and found out that the tax authorities have all the transactions from my PayPal business account - even those transactions that PayPal officially no longer has because they are outdated.

So don't think that Stripe or any other gigantic financial player is any different! If you believe that, then one day you will be terribly surprised when you wake up with your pants down and a big stick up your a*s.
Click to expand...

interesting, may we all know how did you found out? did you start working for the IRS?