Belgium new requirements for payment service providers to combat VAT fraud

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The Belgian Federal Public Service-Finance has issued new EU regulations aimed at fighting VAT fraud in e-commerce transactions, set to take effect on Jan. 1, 2024. The directive requires recordkeeping of information on cross-border payments from EU countries and their recipients, information sharing requirements concerning payers’ locations and beneficiaries, as well as includes instructions on how to utilize the central electronic system of payment information (CESOP).

Disclaimer: Reproduced/Adapted with permission from Global VAT Compliance. 

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