Payment services suppliers to provide bulk datasets
A recent Order in Council will require payment services providers to regularly provide bulk aggregate transactions data from merchants to Inland Revenue. This will help to prevent non-compliance. The Tax Administration (Regular Collection of Bulk Data) Regulations 2022 will come into force on 15 December 2022 and the first reporting period for the regulations will begin on 1 April 2023.
For more information see the Special Report prepared by Inland Revenue.