Tax authorities from 47 countries commit to implementing CARF
The joint statement noted the necessity of CARF to combat tax evasion and reduce the burden on taxpayers
Signatory jurisdictions with active crypto markets plan to swiftly incorporate CARF into domestic laws
The Inland Revenue Authority of Singapore (IRAS) and tax authorities from various countries and territories have issued a joint statement on the collective commitment to implementing the Crypto-Asset Reporting Framework (CARF).
CARF is a new international standard developed by the Organization for Economic Co-operation and Development (OECD) for the automatic exchange of information between tax authorities.
The statement, signed by 47 tax authorities, stressed the need to keep pace with the rapid development of the crypto asset market. The countries include the United States, the United Kingdom, Singapore, Australia, Brazil, Canada, France, Japan, South Korea, and Switzerland.
Additionally, the Crown Dependencies of Guernsey, Jersey, and Isle of Man, as well as the UK’s Overseas Territories of the Cayman Islands and Gibraltar, are part of this initiative.
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