OECD Seeks Public Comment on Reporting Crypto-Assets and Amendments to the CRS

On March 22, 2022, the Organisation for Economic Cooperation and Development (OECD), published a public consultation document regarding a new global tax transparency framework for reporting and exchange of crypto-asset information and proposed amendments to the Common Reporting Standard (CRS). This is due to the increase in use of crypto-assets, which may be exploited to undermine the CRS and other global initiatives. The proposals seek to provide provisions that improve due diligence procedures and reporting outcomes. There will be a public consultation meeting at the end of May 2022.

In the meantime, the OECD invites interested parties to send comments by April 29, 2022 by e-mail to taxpublicconsultation@oecd.org.

Check out the OECD Public Consultation Document here:

https://www.oecd.org/tax/exchange-of-tax-information/public-consultation-document-crypto-asset-reporting-framework-and-amendments-to-the-common-reporting-standard.pdf

And the OECD notice here:

https://www.oecd.org/ctp/exchange-of-tax-information/oecd-seeks-input-on-new-tax-transparency-framework-for-crypto-assets-and-amendments-to-the-common-reporting-standard.htm

Make sure to follow Comply Exchange for more industry updates and subscribe to the Comply Catch-up for a full industry round-up at the end of each month!