A draft bill has been proposed by the Austrian Federal Ministry of Finance to amend the reporting obligations for payment service providers. This proposal aims to tackle VAT fraud by requiring providers to keep records of cross-border payments relating to economic activities. In case of over 25 cross-border payments to the same payee, the providers must maintain adequate records of payees and payments.
The proposed bill defines relevant terms, excludes payer’s payment service providers from record-keeping obligations, and mandates quarterly electronic information reporting for providers, who would need to register with tax authorities. Payment service providers must include specific information in their records. The proposal is open for public consultation until May 12.
Disclaimer: Reproduced/Adapted with permission from Global VAT Compliance.
