The new measure to transmit payment data into a centralized European database (CESOP) will come into effect in January 2024, posing different challenges on PSPs. Deloitte offers an end-to-end solution to support PSPs to implement CESOP in a compliant, timely and cost-efficient manner.
CESOP, the EU's new Central Electronic System of Payment information has been created to support efforts to close the VAT gap in the EU. From 2024, all EU Payment Service Providers will be required to report transactional data of cross-border payments. By collecting data on cross-border payments, the EU expects to collect VAT that was previously unpaid due to errors and fraud.
CESOP poses different challenges on PSPs: complex selection criteria due to ambiguous rules, large amount of data required at a transactional level which differs from other tax regulations, and the need to submit reports in multiple jurisdictions - all in combination with a short change timeline.
To properly implement CESOP and meet the required timeline, companies should already start asking various questions, such as: What does CESOP mean for my organisation? Are my data, systems, processes and people ready to handle the CESOP requirements? How will we implement CESOP to guarantee the quality and timeliness of the report each time? What should we take into account to embed this change into the organisation for long-term success?
Deloitte offers an end-to-end solution, combining our capabilities and expertise across Tax, Business and Technology.
We offer an end-to-end package including impact assessment to analyse what you need, as well as ongoing project support and change management for long-term success. The key component, our CESOP platform, provides ease to organisations by:
Want to know more about our solution or get a demo? Contact one of our specialists below.