How the EU Directive is Tackling VAT Fraud?
VAT fraud has been a major problem for e-commerce sellers and consumers alike, but with the EU Payment Reporting Tool, things are about to change.
The new EU Directive 2020/284 requires Payment Service Providers to keep electronic records of payment data for cross-border payments and exchange them with a central EU-database.
This is a significant step towards combatting VAT fraud and ensuring fair taxation across the EU.
The Streamlined Solution You Need
for Easy Payment Reporting
Supercharge Your Productivity with our extra features
Dashboard
An interactive page to track and monitor the progress of importing, validating and submitting transactions.
Notifications
Get alerted about upcoming submissions and failed imports
User Management
Effortlessly manage user accounts, roles and permissions, all in one place.
Role-based authorization
Assign roles to users to ensure that the required privileges are allocated properly to each user.
KPIs
View important measures related to the transactions, payers, payees etc.
Payees transactions
Useful information regarding payee transactions along with the reportable transactions based on the directive.
Payment insights
Access useful information on payment transactions.
Audit trail
Track and trace the sequence of activities performed in the system.
Workflow
Automate important processes such as submission to tax authorities
What are the benefits of using the Payment Reporting Tool?
- Simplify Payments
- Stay Compliant
- Save Resources
- Avoid Penalties
- Track Transactions
- Streamline Re-Submissions
Simplify Payments
Are you tired of spending countless hours processing, validating, and submitting payment transactions to National Tax Authorities?
Let our Payment Reporting Tool take care of it all, so you can say goodbye to the headache and focus on more important work.
Stay Compliant
With our tool, you’ll never fall behind on the latest rules and regulations for payment transactions.
You can stay on top of everything with ease, ensuring your compliance and avoiding any potential fines or penalties.
Save Resources
Save your valuable internal resources by letting our tool handle the heavy lifting.
Our Payment Reporting Tool loads raw data and automates the rest of the process, minimizing the use of internal resources and streamlining your workflow.
Avoid Penalties
Don’t risk costly mistakes and penalties by submitting inaccurate or late payment transactions.
Our tool ensures everything is submitted accurately and on time, so you can rest easy knowing your payments are always in good hands.
Track Transactions
Keep track of all your payment transactions and responses from National Tax Authorities, without any extra effort.
Payment Reporting Tool automatically records all of this information, so you can easily access it whenever you need it.
Streamline Re-Submissions
Our optimized re-submission process means less time spent fixing errors manually.
You can trust Payment Reporting Tool handle re-submissions quickly and efficiently, reducing the need for human intervention and freeing up your time for other important tasks.
Contact us
Vassilios Vrachimis
Partner, Head of Consulting, Chief Digital Officer, In charge of Government & Public Services & Health, PwC Cyprus
Tel: +357-22555128
Chrysilios Pelekanos
Partner, Tax Advisory, Head of Middle East Market, PwC Cyprus
Tel: +357-22555280
