The United Kingdom recently made a significant stride to address the challenge of individuals exploiting crypto-assets to elude and circumvent significant amounts of uncollected tax through a joint declaration with 48 nations. Spearheaded by the UK, the Crypto-Asset Reporting Framework (CARF) stands as the latest tax transparency standard introduced by the OECD. Under this framework, crypto platforms will be mandated to share taxpayer information with tax authorities, a practice currently absent in their operations.
The new framework ensures that tax authorities can collaboratively exchange information, fortifying their ability to enforce tax compliance. The implementation of CARF is anticipated to commence in 2027, facilitating exchanges with partner nations. The initiative builds upon the global tax accord of…
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