OECD Starts Consultation on Crypto Tax Transparency Framework 22 March 2022

The Organisation for Economic Cooperation and Development (OECD) has issued a consultation document proposing additional requirements for reporting crypto transactions. According to the OECD, current reporting requirements do not give tax authorities adequate visibility on transactions involving crypto assets, increasing the difficulty of determining whether related tax liabilities are properly reported and assessed. The OECD initiative aims to increase transparency for global tax authorities by requiring crypto service providers to better identify users and report certain transactions. The OECD’s proposed Crypto-Asset Reporting Framework would require intermediaries already providing crypto exchange services between crypto and other types of crypto or fiat currencies — including exchanges, crypto brokers and dealers, and crypto ATM operators — to comply with the reporting requirements within 12 months of the effective date of the rules.

Sources: https://cutt.ly/uDne22V

CH-019534 (Webpage Portal) 2022-03-22 (Published) 2022-03-29 (Updated)