From January 2024, all payment service providers (PSPs) operating in the European Union (EU) will be required to record and report transactional data for cross-border payments in every EU Member State where they provide specific payment services. This requirement is part of the Central Electronic System of Payment information (CESOP), which includes Banks, Electronic Money Institutions, and other Regulated Payment Institutions.
Businesses in the Middle East (ME) which provide payment services in EU Member States will be impacted. Our team of Indirect Tax experts hosted a 60-minute webinar to delve deeper into the scope and the impact of the CESOP reporting obligations.
The aim of this session was to inform ME businesses about when they are subject to the EU CESOP reporting obligations. Our team also discussed the impact on processes and systems, and how Deloitte can assist in this regard.