The Organisation for Economic Co-operation and Development (OECD) expects to develop, by the end of 2021, a single standard for the exchange of tax information for crypto assets (CRS). This was stated by Pascal Saint-Amans, director of the OECD’s Centre for Tax Policy and Administration, according to Law360.
\n
According to the official, the standard will be similar to the one used in the traditional economy to combat tax evasion. He added that all 37 OECD member countries are interested in a crypto-asset CRS.
\n
Saint-Amans made his statement after the European Commission launched on November 23 a process to amend and expand tax-avoidance laws for crypto-asset transactions. Public consultation on the bill is set to close on December 21, with its entry into force expected in the third quarter of 2021.
\n
OECD calls for standardisation of bitcoin taxation
\n
\n
The publication suggested that the uncoordinated simultaneous implementation by the European Union and OECD of similar initiatives could lead to conflicting policies, as happened with digital services taxation.
\n
Saint-Amans dismissed these concerns as unfounded. He said the OECD proposals will complement EU regulation. A spokesperson for the European Union said that European lawmakers and the OECD will work in tandem to avoid potential conflicts wherever possible.
\n
In October, the OECD, in its review of cryptocurrency tax regimes, noted their varying classifications across 50 jurisdictions — depending on the country, they are classified as intangible assets, goods or financial instruments.
\n
Subscribe to ForkLog’s YouTube channel on YouTube!