OECD Adopts Framework to Counter Digital Asset USE for International Tax Evasion

In light of the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded, the Organization for Economic Cooperation and Development (the OECD) has developed a global tax transparency framework providing for the automatic exchange of tax information on transactions in crypto-assets. The OECD has said that it will present the Crypto-Asset Reporting Framework (CARF) to a meeting of G20 finance ministers and central bank governors on 12-13 October. The crypto tax framework proposed provides for the automatic exchange of information on crypto transactions between jurisdictions annually, given a rise in the number of unregulated exchanges and wallet providers. The framework will include carve outs for “assets that cannot be used for payment or investment purposes” and those already required for reports under the Common Reporting Standard (CRS).

Sources: https://cutt.ly/oBEus53

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CH-019755 (Webpage Portal) 2022-10-11 (Published) 2022-10-13 (Updated)