The European Commission has adopted an Implementing Regulation that provides details for payment service providers on how to report payment data in a harmonised format. This follows the adoption by the EU Council of a legislative package on 18 February 2020 to collect payment data in order to combat e-commerce VAT fraud.
The legislative package adopted by the Council envisaged the creation of an EU-financed central database, called the Central Electronic System of Payment information (CESOP), where all the payment data collected will be stored and processed for the benefit of Member States. The CESOP is due to go live on 1 January 2024. The Commission Implementing Regulation sets out the main functionalities of the CESOP, as well as the tasks of the Commission and Member States regarding the management of the system, access to the data, security, and personal data protection.
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