Value Added Tax Consolidation Act 2010 section 85D

Record keeping requirements

Section 85D specifies the detailed information that payment service providers must include in the records they are required to keep in respect of payees and cross-border payments.

• Records must contain core identification details for each payee, including the provider's business identifier code, the payee's name, any VAT or tax number, and the payee's IBAN or equivalent unique identifier.
• Where a payee receives funds without holding a payment account, the business identifier code of the payment service provider acting on the payee's behalf must be recorded, along with that provider's location.
• For each cross-border payment and any related refund, the records must capture the date, time, amount, currency, originating Member State, destination Member State (for refunds), and a unique payment reference.
• The records must also include the information used to determine the relevant Member States and, where applicable, confirmation that the payment was initiated at a merchant's physical premises.