E-payment platforms required to share data with tax authorities in 2024

Businesses facilitating electronic payments such as credit and debit card companies, electronic platforms, and checkout solutions will be required to provide data to the tax authorities.

19 April, 2021


Starting on 1 January 2024,  electronic payment platforms will be required to share information with the tax authorities to further battle against VAT fraud.

E-payment companies to help fight VAT fraud in 2024

As anticipated previously, new rules and regulations are to be put into effect in 2024 regarding companies and data shared with the tax authorities. These norms were made with the aim of combatting VAT fraud, especially in the e-commerce arena. We expect further details to be released when the implementation date approaches.

What will change?

With new rules implemented on 1 January 2024, electronic payment platforms will be obligated to keep records of cross-border online sales for at least 3 years. These records will be exchanged with the local tax authorities, and it primarily pertains to sales between different Member States. It is not currently expected that transactions between Member States and non-EU countries will be included.

What information will be shared and how?

The following information will be shared between the e-payment companies and the tax authorities:

  • Customer’s IBAN number and IP address
  • Recipient’s IBAN number, VAT number, and address, if available
  • VAT number and BIC/Swift number of the credit card company
  • Amount paid
  • Date of transaction
  • Currency used

Data transfer between the electronic payment companies and the tax authorities will be facilitated through an online system called “Central Electronic System of Payment information”. The information must be uploaded quarterly.

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Speak with an agent today to discuss these upcoming changes or any other VAT related question you may have.

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