Tax transparency framework for crypto-assets and amendments to the Common Reporting Standard

Today, the OECD released a public consultation document concerning a new global tax transparency framework to provide for the reporting and exchange of information with respect to crypto-assets, as well as proposed amendments to the Common Reporting Standard (CRS) for the automatic exchange of financial account information between countries. The purpose of the consultation is to inform policy makers decisions on the possible adoption of any such framework and its related design components.

In recent years, individuals have rapidly adopted the use of crypto-assets for a range of investment and financial activities. However, unlike traditional financial products, crypto-assets can be transferred and held without the intervention of traditional financial intermediaries and without any central administrator having full visibility on either the transactions carried out, or crypto-asset holdings. Therefore, crypto-assets could be exploited to undermine existing international tax transparency initiatives, such as the CRS.

The OECD is now seeking public comments on the above proposals. Interested parties are invited to send their comments no later than 29 April 2022 by e-mail (in Word format) to taxpublicconsultation@oecd.org. For more information on the CARF, the amended CRS, or to comment on the public consultation draft: view the public consultation document.

A public consultation meeting will be held at the end of May 2022.

On the basis of the input received via this public consultation, the OECD plans to finalise the rules and commentary to the CARF and the amended CRS. The OECD will also develop the exchange instruments and technical solutions needed to support reporting and exchanges pursuant to the CARF and the amended CRS. It is the OECD’s intention to report back on the CARF and the amended CRS under the Indonesian Presidency of the G20 for its October 2022 meeting.

The views and proposals included in the consultation document neither represent the consensus views of the Committee on Fiscal Affairs or its subsidiary bodies nor prejudice the decision as to the expected implementation of the proposals, but are intended to provide stakeholders with substantive proposals for analysis and comment. Please note that all written comments received will be made publicly available on the OECD website. Comments submitted in the name of a collective "grouping" or "coalition", or by any person submitting comments on behalf of another person or group of persons, should identify all enterprises or individuals who are members of that collective group, or the person(s) on whose behalf the commentator(s) are acting. Speakers and other participants at the upcoming public consultation meeting will be selected from among those providing timely written comments.

Published 2 May 2022

The OECD is grateful to the commentators for their input and now publishes the public comments received.

• Download comments (Zip file, 17MB - Please open from a computer/laptop) Updated 11 May 2022

Media queries should be directed to Achim Pross, Head of the CTPA’s International Co-operation and Tax Administration Division (+33 1 45 24 98 92) or to Philip Kerfs, Head of the Exchange of Tax Information Unit (+33 1 45 2493 50).