Tuesday, July 16, 2024
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HomeBusinessForty-eight countries to implement global tax transparency standard for crypto-assets by 2027

Forty-eight countries to implement global tax transparency standard for crypto-assets by 2027

PARIS, France – Organisation for Economic Co-operation and Development (OECD), secretary-general Mathias Cormann welcomed the announcement that 48 countries and jurisdictions intend to implement the OECD’s global tax transparency framework for the reporting and exchange of information with respect to crypto-assets by 2027.

“[Today’s] announcement of co‑ordinated international action on crypto-assets is a major step forward, marking another important milestone towards the widespread and co-ordinated approach to combat tax evasion through greater transparency and exchange of information,” OECD secretary-general Mathias Cormann said. “We strongly welcome the extensive support being shown for quick action to make the international exchange of information collected under the OECD standard on crypto-asset reporting a reality. The international community can count on the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes to ensure that the tax transparency architecture remains both up-to-date and effective going forward.”

The Crypto-Asset Reporting Framework (CARF) is a key component of the International Standards for Automatic Exchange of Information in Tax Matters developed by the OECD under a G20 mandate. It provides for the automatic exchange of tax-relevant information on crypto-assets and comes against the backdrop of a rapid adoption of the use of crypto-assets for a wide range of investment and financial uses.

Unlike traditional financial products, crypto-assets can be transferred and held without the intervention of traditional financial intermediaries, such as banks, and without any central administrator having full visibility on either the transactions carried out or on crypto-asset holdings.

Following the delivery of the CARF to G20 finance ministers in October 2022, the G20 has asked the Global Forum on Transparency and Exchange of Information for Tax Purposes – the leading international body bringing together 168 countries and jurisdictions on the implementation of global transparency and exchange of information standards around the world – to build on its commitment and monitoring processes to ensure the widespread implementation of the CARF by relevant jurisdictions.

Since the finalisation of the legal and operational instruments of the CARF in June 2023, the Global Forum established a dedicated “CARF Group” to take the work forward. The crypto-asset reporting issue will be further discussed at the Global Forum’s 16th Plenary Meeting taking place in Lisbon, Portugal from 29 November to 1 December 2023. 

Working with over 100 countries, the OECD is a global policy forum that promotes policies to preserve individual liberty and improve the economic and social well-being of people around the world.

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