Poland: Implementation of new law for payment service providers to combat VAT fraud
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The Polish Official Gazette published a law that incorporates an EU Directive aimed at enhancing measures for payment service providers. This law introduces several significant provisions, including:
Ensuring alignment of Poland’s VAT fraud laws with EU regulations, effective from January 1, 2024.
Implementation of administrative tools to effectively combat VAT fraud in international e-commerce.
Mandatory requirement for payment service providers operating in Poland, encompassing both domestic and foreign banks and credit institutions, to maintain electronic records of cross-border payments and beneficiaries on a quarterly basis.
Application of the recordkeeping requirements to providers conducting more than 25 cross-border payments to the same payee within a quarter.
Introduction of rules governing the calculation of payment thresholds and the determination of the locations of payers and payment recipients.
This law is scheduled to come into force on January 1, 2024.