CARF and DAC8 mark international strides in cryptocurrency taxation.
Exchange agreements are set to activate by 2027 for seamless data sharing.
In a groundbreaking move, 47 national governments have committed to the swift transposition of the Crypto-Asset Reporting Framework (CARF), an international standard for the automatic exchange of information between tax authorities. The joint pledge, published on November 10, reflects a collective effort to bolster tax compliance and combat tax evasion in the rapidly evolving world of cryptocurrencies.
Developed by the Organization for Economic Cooperation and Development (OECD) and endorsed by the G20 in April 2021, the CARF framework mandates comprehensive reporting on cryptocurrency and digital asset transactions. This reporting encompasses transactions executed through intermediaries or service providers. It offers tax authorities a robust mechanism for tracking and assessing these transactions.
International Collaboration
The CARF implemen
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