New VAT rules with impact on the payment services providers (CESOP)
Written By
Partner
Czech Republic
I am a Managing Partner of Bird & Bird offices in the Czech Republic and Slovakia where I coordinate teams of lawyers to deliver excellent professional advice and outstanding client service. I'm also the head of our Czech and Slovak Corporate and Banking & Finance Groups.
Council Directive (EU) 2020/284 amending Directive 2006/112/EC as regards the introduction of certain requirements for providers of payment services will be implemented into Czech law by an amendment to Act No. 235/2004 Coll., on Value Added Tax.
In accordance with the Directive, the amendment introduces a new obligation for payment service providers to record and report cross-border payments (CESOP).
We prepared for you a practical overview of changes that are proposed to take effect from 1 January 2024.
