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.’
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.’
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