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Summary
Amendments to the EU VAT Directive will soon require PSPs to report information, transaction by transaction, on cross-border payments according to specific criteria.
The tight deadlines (first reporting due in April 2024), the frequency of the reporting (quarterly) and the challenges to compile the data and identify transactions eligible for reporting make it imperative for PSPs to start assessing the impact of CESOP, while leveraging as much as possible other existing reporting obligations and related capabilities (FATCA/CRS, PSD2 and PSR).