PARIS—The Organization for Economic Cooperation and Development (OECD) has published a new taxation framework for the digital currency industry and central bank digital currencies (CBDCs).
The new framework stems from a review of the 2014 Common Reporting Standard (CRS) to plug the loopholes associated with digital currency taxation among member countries.
Under the new framework, tax information on digital currency transactions will be automatically exchanged uniformly in line with existing rules, CoinGeek reported.
Dubbed the Crypto-Asset Reporting Framework (CARF), the new tax reporting standard by the OECD received input from tax authorities from G20 nations. The framework comprises three main parts—the first focuses on the scope of assets to be covered, the transactions subject to reporting, and the entities affected by the framework, according to the report.
‘Strengthening Efforts’
The second part places a premium on a Multilateral Competent Authority Agreement, while the third proposes an electronic format (XML) for tax authorities to rely on in exchanging CARF details, CoinGeek reported.
“Our new international tax transparency standards cover the updated Common Reporting Standard and the new reporting framework for crypto assets, further strengthening efforts to tackle tax evasion in a digitalized and globalized world economy,” OECD Secretary-General Mathias Cormann was quoted by CoinGeek as saying.
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