Global Coalition of 40+ Countries Adopts OECD Crypto Reporting Framework to Combat Tax Evasion
48 jurisdictions, including over 40 countries, announced in a joint statement that they will implement the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development (OECD), as mandated by the G20.
The statement emphasizes that the widespread, consistent, and timely implementation of CARF will enhance their ability to ensure tax compliance and combat tax evasion in the crypto-asset market. The signatory countries, including major economies like the U.S., U.K., Germany, Japan, and others, express their commitment to swiftly transposing CARF into domestic law and activating exchange agreements by 2027, aiming to maintain global tax transparency and curb tax evasion in the rapidly growing crypto market.
The joint statement, which includes countries from various regions such as Europe, Asia, and the Americas, calls for other jurisdictions to join this initiative. They invite additional countries to adopt the CARF to strengthen the global system of automatic information exchange, leaving no room for hiding places for tax evasion. This move signifies a collaborative effort to adapt to the evolving crypto landscape and ensure that tax compliance remains effective amid the market’s rapid development.
Clever Robot News Desk 16th November 2023
Related Article
