The EU will keep track of cross-border payments

January 4, 2024 by
Frank Calviño

As of January 1, payment service providers inside the EU will have to keep track of the recipients of cross-border payments and, as of April 1, transmit information to member states' administrations on those receiving more than 25 cross-border payments per quarter.

This information will then be centralized in a new European database created by the European Commission, where it will be stored, aggregated, and cross-checked with other data.

All information from the central electronic payment information system will then be made available to member states through Eurofisc, the EU's network of VAT anti-fraud specialists launched in 2010. This will make it much easier for member states to analyze data and identify online sellers who need to comply with VAT obligations, even in the case of businesses not located in the EU.

Eurofisc liaison officers can also take appropriate action at the national level, such as processing requests for information, implementing inspection measures, or deregistering VAT numbers. Similar provisions already exist in some Member States and other countries and have had a tangible effect in the fight against fraud in the e-commerce sector.

The EU will also check product labels more closely 

The European Commission has set as a new year's proposal to revise the standards for product labels, including textile products such as clothing or clothing accessories. This regulation seeks to standardize label information in all European Union (EU) countries and to homogenize sizes to facilitate, among other things, online sales.

The European Commission has decided first to launch a public consultation addressing various aspects of the labeling of textiles and similar products. The Regulation that will be updated is the one from 2011, which was last revised in 2014. 

This time, they will review aspects such as the origin (made in), information on maintenance, the authenticity of leather or fur, organic or biological origin, the presence of allergenic substances, and socially responsible production of textile products, as reported by the media El Economista.

Google faces the wrath of European media companies
More than 30 European media companies have filed a €2.1 billion damages claim against Google over its ad tech practices. This is Google latest European lawsuit, but it is not...
March 2, 2024
Pull&Bear is launching PBShuffle, a new video marketing strategy
Pull&Bear is launching PBShuffle, a new shopping experience focused on vertical video, and offering video purchasing. This platform will be available on Pull&Bear's iOS and Android app.  From now on,...
March 1, 2024
Temu to open its platform to third-party sellers in the United States
Chinese retail portal Temu is preparing to open its platform to third-party sellers in the U.S. This is an attempt to compete with local platforms but also, ultimately, to benefit...
February 29, 2024
Top crossmenu

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close