OECD to Introduce Cryptocurrency Reporting by End 2021

During the CFE’s 2021 Forum, held virtually on 6 May 2021, Director of the Centre for Tax Policy at the OECD, Pascal Saint-Amans, gave a keynote speech on the panel discussion topic of cross-border exchange of information.

Mr Saint-Amans confirmed that the OECD aims to update reporting standards for exchange of information to include cryptocurrencies and e-assets by the end 2021, noting that the US is particularly interested in the expansion of the reporting standards to include crypto-assets. The OECD’s Common Reporting Standard (CRS) “calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.”

Mr Saint-Amans also confirmed that the G20 meeting of Finance Ministers in July is still the intended deadline for an agreement to be reached on finding international taxation solutions for the digital economy.

Ref. CFE’s Tax Top 5 – 10 May 2021

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