The history of global tax transparency schemes is long, and tax transparency has finally become a global reality. Since the turn of the century, numerous tax initiatives and tax amnesties have been released, and new regulations, especially in the area of crypto assets / cryptocurrencies, and digital economy are currently added. The Organization for Economic Cooperation and Development (OECD) is currently undertaking a public consultation ahead of the introduction of its new Crypto Asset Reporting Framework (CARF) legislation. When enacted, how will this legislation change the nature of crypto asset reporting?
Financial institutions of any kind, be it large international banks, private banks, online banks, online broker or crypto currency exchanges, all stakeholders globally have to comply with a variety of tax regulations. The institutions need to report data according to CRS, FATCA, DAC6, QI regimes on one hand. On the other hand, they need to provide their end-clients with tax reports for their individual tax filing in their respective home countries. One major challenge with tax reporting is the data consistency between the different reporting regimes and client tax reporting.
Senior Product Manager Regnology