From January 2024, all payment service providers (PSPs) operating in the European Union (EU) will be required to record and report transactional data for cross-border payments in every EU Member State where they provide specific payment services. This requirement is part of the Central Electronic System of Payment information (CESOP), which includes Banks, Electronic Money Institutions, and other Regulated Payment Institutions.
Businesses in the Middle East (ME) which provide payment services in EU Member States will be impacted. Our team of Indirect Tax experts hosted a 60-minute webinar to delve deeper into the scope and the impact of the CESOP reporting obligations.
The aim of this session was to inform ME businesses about when they are subject to the EU CESOP reporting obligations. Our team also discussed the impact on processes and systems, and how Deloitte can assist in this regard.
Speaker
Mark Junkin
Mark leads our Middle East Financial Services Tax industry, which provides comprehensive, integrated advice to clients across banking and capital markets, insurance, investment management, and real estate sectors to enhance the region’s financial ecosystem. Based in Dubai, Mark also leads the Indirect Tax practice in the UAE. With over 20 years of Tax experience, Mark has a deep understanding of the complex and evolving Middle East Tax landscape and leads Deloitte’s relationships with many of the leading public and private sector Financial Services organizations across the region. Our Financial Service Tax practice is a regional team of highly skilled professionals that combine outstanding sector knowledge with market-leading expertise across all areas of Tax including Business Tax, VAT, Transfer Pricing, Withholding Tax and Employment Taxes. Mark’s deep understanding of the financial services industry, combined with his team's multi-disciplinary Tax knowledge, provides a differentiating proposition to clients looking to navigate the ever-evolving Middle East Tax landscape. With his extensive experience in Middle East Tax transformation, deep industry knowledge, and strong client relationships, Mark is a trusted advisor and leader in the financial services sector in the Middle East. He is committed to helping clients navigate the ever-changing Tax landscape in the region, whilst maintaining alignment with over-arching business objectives.
