On 18 February, the Council of the European Union approved a series of rules (including a Directive and a Regulation) aimed at facilitating the detection of tax fraud for VAT purposes in cross-border payment transactions.
To read more about these new obligations and for a summary of the requirements, see our alert of 25 Feb here.
How do these new information obligations affect PSPs authorised in Spain?
Although the reporting of information relating to payment services is a new information obligation at EU level, in Spain there is already a similar obligation concerning transactions carried out by entrepreneurs or professionals who are members of the system for collection management through credit or debit cards (Form 170). Thus, as from 2011, PSPs acting as acquirers are obliged to provide an annual summary of the transactions concluded by entrepreneurs or professionals adhering to the system for collection management through credit or debit cards, provided that the annual amount of such collections for each entrepreneur or professional exceeds 3,000 euros.
To view a comparison of the main differences identified between the Form 170 in force in Spain and the future information obligation of the European Union, click here.