Value Added Tax Consolidation Act 2010 section 85A

Interpretation

Section 85A defines the key terms used throughout the Part dealing with reporting obligations of certain payment service providers in relation to cross-border payments.

• The section draws its definitions from two main EU instruments: the Payment Services Directive (PSD2) and the SEPA Regulation, ensuring consistency with the wider EU framework for payment services.
• Core banking identifiers — BIC (Bank Identifier Code) and IBAN (International Bank Account Number) — take their meanings from the SEPA Regulation, while terms such as payer, payee, payment account, home Member State and host Member State are defined by reference to the Payment Services Directive.
• A payment service provider includes any authorised category listed in the Payment Services Directive (such as banks and other financial institutions) as well as any person or organisation benefiting from an exemption under Article 32 of that Directive, and the payment services covered are those business activities set out in points 3 to 6 of Annex I to the Directive.
• Any term used in the Part that is not specifically defined in section 85A but appears in the corresponding section of the VAT Directive (Section 2a of Chapter 4 of Title XI) carries the same meaning as it has in that Directive, unless the context requires otherwise.