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Banks, Payment Services Seek to Block EU VAT Data Transfer Rules

Oct. 31, 2019, 7:44 PM

European banks and online payment service providers like PayPal Inc. and American Express Inc. pressed EU leaders not to enact a requirement that they transfer all online VAT data to tax authorities. But officials plan to go ahead.

EU presidency holder Finland said the proposal—meant to fight value-added tax fraud—is expected to be approved Nov. 8 when the bloc’s finance ministers meet in Brussels.

“As member states support in general the proposal to prevent VAT fraud in electronic commerce, the presidency takes the proposal to the Ecofin next week,’' Finnish presidency spokesman Marko Ruonala said, referring to the Economic...

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