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Banks, E-Payment Firms Fear Proposed EU Data Transfer Rules (1)

Oct. 11, 2019, 11:44 AMUpdated: Oct. 11, 2019, 12:23 PM

European banks and payment services like PayPal Inc. are mounting a campaign against pending EU rules to fight tax fraud, saying that they threaten consumers’ data privacy.

The proposed legislation, which is set for approval in November, would compel online payment service providers, and both large and small lenders, to provide a wide range of data to tax authorities in order to help eliminate an estimated 5 billion euros ($5.5 billion) in fraud lost annually in cross-border e-commerce sales.

The rules would mean such companies have to report more information to help tax authorities identify supplier identities and...

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