International Joint Statement on the Crypto-Asset Reporting Framework
The UK and other jurisdictions announce their intention to implement the Organisation for Economic Co-operation and Development’s latest tax transparency standard, the Crypto-Asset Reporting Framework (CARF).
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The Crypto-Asset Reporting Framework (CARF) is the Organisation for Economic Co-operation and Development’s (OECD) latest tax transparency standard.
Final agreement on the CARF was reached in March 2023, following two years of negotiation. It will provide for the automatic exchange of information between tax authorities on crypto exchanges for the purpose of combating offshore tax avoidance and evasion. This statement announces the signatory jurisdictions’ intention to implement the framework in time to commence exchanges by 2027.
The statement also commits applicable jurisdictions, including the UK, to implement amendments to the Common Reporting Standard (CRS), an existing tax transparency standard for the exchange of financial account information, to the same timeline.