S.L. 406.22 Art. 1Citation and scope.

(1) The title of these regulations is the Value Added Tax (Reporting Obligations for Payment Service Providers) Regulations.

(2) These regulations transpose the provisions of Article 1 of Council Directive (EU) 2020/284 of 18 February 2020 amending Directive 2006/112/EC as regards introducing certain requirements for payment service providers.

(3) The purpose of these regulations is to require payment service providers to keep sufficiently detailed information of payees and payments in relation to the payment services they provide and to submit such information to the Commissioner to enable the competent authorities of the Member States to carry out controls of the supplies of goods and services which, in accordance with the provisions of Title V of Council Directive 2006/112/EC, are deemed to take place in a Member State, in order to achieve the objective of combating VAT fraud.