Technology

OECD releases public consultation document on crypto tax reporting in effort to increase transparency

The Organisation for Economic Co-operation and Development (OECD) has released a public consultation document, Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard. The document responds to a request from the G20 to develop a framework to assist in the automatic exchange of information related to cryptoassets, arising from concerns about the rapid adoption of cryptoassets for both investment purposes and other financial activities, and the likelihood that cryptoassets are not within the scope of many international tax reporting regimes (such as CRS, discussed below). Generally speaking, the public consultation document, released in March, lays out the proposed Crypto-Asset Reporting Framework (CARF), which is a global cryptoasset reporting and exchange of information regime and proposed amendments to the existing Common Reporting Standards (CRS), first released in 2014, which pertains to the exchange of financial account data between countries. CARF generally provides for the automatic exchange of tax-relevant information between tax administrations for cryptoasset transactions.

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