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- Title
Harvesting payment data for fiscal purposes: The EU's Central Electronic System of Payment Information.
- Authors
Weber, Sabine; Wallraf, Albrecht
- Abstract
Tax authorities in the European Union are to be given a new tool in the fight against VAT fraud: starting in 2024, payment service providers will be obliged to report substantial amounts of data on cross-border payments, to be pooled in and made accessible through the upcoming Central Electronic System of Payment information (CESOP). This paper discusses the underlying economic and fiscal motivation and outlines the legal and procedural setup of CESOP. This is then reflected by implementation requirements and challenges from the perspective of banks and other payment service providers. The paper concludes with a critical discussion of the legal framework, with particular reference to the interlinking of European payment and tax law that underpins CESOP, and an outlook on possible policy developments.
- Subjects
EUROPEAN Union; ELECTRONIC funds transfers; INFORMATION storage &; retrieval systems; PAYMENT; FRAUD; CROSS border transactions; FISCAL policy
- Publication
Journal of Payments Strategy & Systems, 2023, Vol 17, Issue 4, p372
- ISSN
1750-1806
- Publication type
Article