On 30th October, the European Banking Federation, European Savings and Retail Banking Group, European Association of Co-operative Banks, and the European Payment Institutions Federation published a paper which says that they and their members strongly support the fight against VAT and other tax fraud. However, it says that they are deeply concerned that in current form the proposals are disproportionate in terms of scope, volume of data required and cost; create significant risk; produce uncertainty in terms of reporting obligations; and will not practically achieve stated objectives. It calls for support at the November meeting of EU finance ministers (ECOFIN) in prompting a full review of the proposal the proposal which introduces requirements for all payment service providers (PSP) to provide information on cross-border payments within the EU and outside of it when certain criteria are met on a transaction-by-transaction basis – to combat VAT fraud with the active involvement of the payments industry. The objective would be to ensure that the current proposal is not approved until it has been amended to make it practicable and workable and would actually achieve the aims set out.
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