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OECD consults on new crypto tax transparency framework

printer Mail

The OECD has published a public consultation document regarding a new global tax transparency framework to provide for the reporting and exchange of information related to cryptoassets. The document also sets out proposed amendments to the common reporting standard (CRS) for the automatic exchange of financial account information between countries. Comments are invited by 29 April 2022, and a public consultation meeting will be held at the end of May 2022.

Andrew Park, tax investigations partner at Andersen in the UK, said: ‘This promises to be as significant for breaking crypto secrecy as the fall of banking secrecy was for numbered offshore bank accounts. However, it is not going to happen quite yet – implementation will be a huge logistical exercise for all involved, even once the format of the new rules is agreed and finalised.’

Issue: 1569
Categories: News